Module 5 Economics Review

Module 5 Economics Review

6th - 8th Grade

16 Qs

quiz-placeholder

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Module 5 Economics Review

Module 5 Economics Review

Assessment

Quiz

Social Studies

6th - 8th Grade

Medium

Created by

Kristin Tribble

Used 6+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why is a profit motive important in many economies?

People would not use coupons without it.

Businesses could not advertise without it.

Businesses could not set prices without it.

People would not start businesses without it.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which describes labor?

raw materials needed to produce goods

human time, effort, skills, and talent needed to produce goods

items such as tools, machines, factories, and office equipment needed for a business to function

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How would you describe financial capital?

money that a business uses to buy the items needed for the business to function

raw materials needed to produce goods

items such as tools, machines, factories, and office equipment needed for a business to function

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term means the raw materials needed to produce goods?

capital

financial capital

labor

natural resources

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which scenario illustrates the concept of economic interdependence?

An entrepreneur decides to open a bakery and produce bread for the neighborhood.

Good rainfall allows a farmer to produce more strawberries so he expands his business.

Japan lacks iron to make steel, so Japans enters into a trading relationship with Australia to get iron ore.

South Africa is rich in diamonds and gold so they create a mining industry that produces wealth.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which country has a communist economy?

Taiwan

China

Sweden

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which country has a socialist economy?

Taiwan

South Korea

Sweden

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