Which of the following best defines scarcity in economics?

Economics Unit 1-6 final

Quiz
•
History
•
12th Grade
•
Easy
Casey Strausbaugh
Used 4+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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