Elementary Economics Quiz

Elementary Economics Quiz

6th Grade

10 Qs

quiz-placeholder

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Elementary Economics Quiz

Elementary Economics Quiz

Assessment

Quiz

Other

6th Grade

Hard

Created by

Casey Hawks

Used 4+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply and demand?

The higher the price, the higher the quantity demanded

The higher the price, the lower the quantity demanded

The higher the price, the higher the demand is

The lower the price, the lower the quantity demanded

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inflation?

A decrease in the overall price level

An increase in the overall price level

A decrease in the quantity of money in circulation

An increase in the quantity of money in circulation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly?

A market structure with many sellers and buyers

A market structure with only one seller

A market structure with few sellers and many buyers

A market structure with no sellers and buyers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are needs in economics?

Desires that are necessary for survival

Desires that are not necessary for survival

Goods and services that are necessary for survival

Goods and services that are not necessary for survival

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are wants in economics?

Desires that are necessary for survival

Desires that are not necessary for survival

Goods and services that are necessary for survival

Goods and services that are not necessary for survival

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a budget?

A plan for spending and saving money

The total amount of money a person has

The amount of money earned from a job

The amount of money spent on wants

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the price of a product when there is high demand and low supply?

The price increases

The price decreases

The price remains the same

The price fluctuates

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