CE11 Civics Economic Concepts Quiz

CE11 Civics Economic Concepts Quiz

7th Grade

15 Qs

quiz-placeholder

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CE11 Civics Economic Concepts Quiz

CE11 Civics Economic Concepts Quiz

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Medium

Created by

Sara Miller

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of scarcity in economics?

The unlimited availability of resources

The limited nature of society's resources

The abundance of goods and services

The excess of supply over demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes opportunity cost?

The cost of producing one more unit of a good

The value of the next best alternative foregone

The total cost of all resources used in production

The difference between total revenue and total cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identify the type of resource: A factory used to produce goods.

Natural resource

Human resource

Capital resource

Entrepreneurial resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a natural resource?

Machinery

Water

Labor

Technology

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary factor that affects the price of a good in a market?

The number of producers

The level of technology

The balance of supply and demand

The amount of advertising

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an increase in demand affect the price of a product, assuming supply remains constant?

Price decreases

Price remains the same

Price increases

Price fluctuates randomly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of choosing to spend time studying instead of going to a movie?

The cost of the movie ticket

The enjoyment of watching the movie

The time spent studying

The knowledge gained from studying

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