Unit 1 Review - Economic Decisions and Systems

Unit 1 Review - Economic Decisions and Systems

9th - 12th Grade

37 Qs

quiz-placeholder

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Unit 1 Review - Economic Decisions and Systems

Unit 1 Review - Economic Decisions and Systems

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Austin Klumpe

Used 21+ times

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37 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Your needs and wants never end.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.

TRUE
FALSE

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The United States could best be characterized as a command economy.

TRUE
FALSE

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The right of private property means you can own, use, or dispose of things of value.

TRUE
FALSE

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a market economy, buying decisions are made by consumers.

TRUE
FALSE

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If heavy competition for a product keeps its price low, businesses will be very motivated to offer the product for sale.

TRUE
FALSE

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If many consumers want a particular service, its price will probably go up.

TRUE
FALSE

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