Economics Course Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Charles Reta
Used 38+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the fundamental economic problem that leads to the concept of scarcity?
Unlimited resources and limited wants
Limited resources and unlimited wants
Equal resources and wants
Abundance of resources and wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, who makes the majority of economic decisions?
Government officials
Central planners
Consumers and producers
International organizations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you choose to spend $50 on a textbook instead of concert tickets, what is your opportunity cost?
The $50 spent
The textbook
The concert tickets
Future earning potential
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system features heavy government control over resource allocation?
Free market economy
Command economy
Traditional economy
Laissez-faire economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the Law of Demand, what happens when the price of a good increases?
Quantity demanded increases
Supply increases
Quantity demanded decreases
Supply and demand remain constant
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary tool of monetary policy?
Government spending
Interest rates
Tax rates
Trade policies
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of unemployment occurs when workers are between jobs?
Structural unemployment
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
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