Ce.11-12 Economics Review
Authored by David Briggs
Social Studies
7th - 8th Grade
Used 56+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Interaction of supply and demand determines --
profit
price
competition
choice
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What leads to the production of higher quality goods at a lower price?
Scarcity
Incentives
Competition
Production
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Consumers determine, through their purchases, the goods and services that are produced. This idea is known as --
consumer soveriegnty
entrepreneurship
profit motive
production
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Who are the decision makers for the private sector in the U.S. economy?
The government
Businesses and the government
Individuals and the government
Individuals and businesses
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the inability to satisfy all wants at the same time?
Choice
Scarcity
Opportunity cost
Incentives
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Combining human, natural, capital, and entrepreneurial resources to make goods and services is called --
consumption
recources
production
distribution
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
According to the scenario above, in which economy is Tim operating?
Command economy
Forced market economy
Mixed economy
Traditional economy
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