Economics Unit 1-6 final

Economics Unit 1-6 final

12th Grade

30 Qs

quiz-placeholder

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Economics Unit 1-6 final

Economics Unit 1-6 final

Assessment

Quiz

History

12th Grade

Easy

Created by

Casey Strausbaugh

Used 4+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines scarcity in economics?

Unlimited resources and limited wants

Limited resources and unlimited wants

Unlimited resources and unlimited wants

Limited resources and limited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary function of prices in a market economy?

To set government policy

To allocate resources

To increase unemployment

To reduce inflation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of market structure?

Monopoly

Oligopoly

Perfect competition

Fiscal policy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross Domestic Product (GDP) measures:

The total value of all goods and services produced within a country

The total value of all goods and services produced by a country's citizens abroad

The total amount of money in circulation

The total number of workers in a country

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a government subsidy?

A tax on imported goods

A payment to farmers to support crop prices

A limit on the number of cars imported

A ban on trading with a country

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a tariff do?

Increases the price of imported goods

Decreases the price of exported goods

Eliminates all trade barriers

Subsidizes domestic producers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes inflation?

A general decrease in prices

A general increase in prices

A decrease in the money supply

An increase in unemployment

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