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Economic Concepts Quiz

Authored by Lionel S Taylor

Social Studies

12th Grade

Used 1+ times

Economic Concepts Quiz
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not one of the three key economic questions?

Why do we produce goods and services?

How should goods and services be produced?

Who consumes the goods and services?

What goods and services should be produced?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is necessary to ensure increased standards of living?

Security

Stagnation

Equity

Innovation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system most values the goal of freedom?

Command

Traditional

Mixed

Free Market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A benefit of technology is that it

Makes certain jobs obsolete.

Increases a nation’s productivity.

Slows or stops production.

Decreases a nation’s GDP.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each of these is a principle of free enterprise except

Private Property.

Legal Equality.

Voluntary Exchange.

Public Welfare.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Charlie went to the fair. At the end of the night, he had two ride tokens left. He could use them both to ride the Ferris Wheel one last time, or he could use one to visit the fun house and one to ride the roller coaster. Charlie decided to ride the Ferris Wheel. Which statement BEST describes Charlie’s choice?

Charlie values variety over repetition.

Charlie prefers the fun house to the Ferris Wheel.

Charlie values the Ferris Wheel experience more than trying new rides.

Charlie is indifferent to the rides.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which describes human capital?

Buildings and tools

Skills and knowledge

Land and labor

Slowing or stopping production

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