Basic Economic Concepts Quiz

Basic Economic Concepts Quiz

10th Grade

55 Qs

quiz-placeholder

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Basic Economic Concepts Quiz

Basic Economic Concepts Quiz

Assessment

Quiz

Business

10th Grade

Hard

Created by

Claire Martina

FREE Resource

55 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem concerned with?

How to increase production of goods

How to allocate scarce resources to satisfy unlimited needs and wants

How to reduce government spending

How to maximize profits for businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are considered economic agents?

Only government officials

Only private companies

Households and firms in the private sector, and the government

Only international organizations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main aim of the private sector?

To provide public services

To earn profit for its owners

To regulate the economy

To reduce unemployment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are goods?

Non-physical items like services

Physical items such as tables, cars, toothpaste, and pencils

Digital products like software

Only luxury items

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of producing a good

The value of the next best alternative foregone

The total cost of all resources used

The profit made from a decision

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of market disequilibrium?

When the price for a product is too high or too low, resulting in excess supply or demand.

When the market is perfectly balanced with no excess supply or demand.

When the demand for a product is equal to its supply.

When the price mechanism fails to allocate resources.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the price mechanism function in a market?

By relying on market forces of demand and supply to allocate resources.

By setting fixed prices for all goods and services.

By government intervention to control prices.

By ensuring all products are sold at a loss.

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