Chapter 3 Test - Understanding Characteristics of Economics
Authored by Mary Evans
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6th - 8th Grade
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Scarcity means unlimited resources.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Opportunity cost is what you give up when making a choice.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Supply means how much customers want to buy.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Demand means how much businesses want to sell.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Mixed economies combine elements of market and command.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
Which is an example of scarcity?
New iPhone
Unlimited gas
Drought limiting crops
Free internet
7.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
Opportunity cost is…
Free choices
The next best thing you give up
Government control
Equilibrium price
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