Economic principles

Economic principles

8th Grade

20 Qs

quiz-placeholder

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Economic principles

Economic principles

Assessment

Quiz

Social Studies

8th Grade

Hard

Used 50+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

If you have masses of people with little or no money, they usually...

don't buy much

have little to no power

steal from others

buy cheaper products

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A rational decision-maker takes action if and only if...

they can make money

they want to

they are told to

the benefits outweigh the cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

People can't have everything they want so...

they choose carefully

they cry about it

they steal from others

they trade items

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economists study situations where needs and wants exceed means. This is called...

greediness

supply and demand

scarcity

making sound investments

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

If you have to give up something to get something else, this is called...

trade offs

supply and demand

scarcity

incentives

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In a planned economy there is little...

choice for consumers

opportunity for growth

chance to make money

wealth

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Trade allows...

people to choose the cheapest products

people to work

people to specialise in what they do best

returns on faulty goods

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