Intro. to Economics Practice Quiz

Intro. to Economics Practice Quiz

12th Grade

15 Qs

quiz-placeholder

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Intro. to Economics Practice Quiz

Intro. to Economics Practice Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

CCSS
RF.3.3B, RF.3.3C, RF.3.3D

+2

Standards-aligned

Created by

Riley Spitler

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the likely result when a population's wants and needs exceed the population's available resources?

Scarcity of Goods and Services
Falling Prices of Goods and Services
Surplus of Goods and Services
Further Increased Demand of Goods and Services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does scarcity typically impact businesses in an economy?

Scarcity reduces barriers to entry into competitive markets for businesses
Scarcity forces businesses to lower the prices of their goods to ensure high demand.
Scarcity reduces the costs associated with production for businesses.
Scarcity forces businesses to prioritize the production of certain goods and services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The New York State Legislature approved a grant to the city of Buffalo, permitting the city to update its bridges, highways, and sidewalks. The effect of this grant will MOST LIKELY be:

A decrease in economic growth because the road will close during construction.
An increase in economic growth because the investment in infrastructure will create new jobs.
A decrease in unemployment because people will get jobs elsewhere while the city is under construction.
An increase in unemployment because updated infrastructure will result in fewer jobs in highway repair.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular social media influencer posts a series of videos promoting a new skin care product. What economic effect is this most likely to have?

Increased demand for the skin care product.
Decreased demand for the new skin care product.
Decrease in price for the new skin care product.
Decreased product awareness.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In December 1913, Henry Ford began using moving assembly lines to manufacture automobiles. What was the economic impact of this technological and industrial innovation?

Increased speed and efficiency led to the growth of the manufacturing sector.
The ability to divide labor and tasked increased the demand for skilled workers.
Increased costs of production led to higher automobile prices for consumers.
The decline in the quality of automobiles reduced demand for the products.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hairstyling

Good
Service

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Bestselling Novel

Good
Service

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

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