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Econ Quiz Two

Authored by Nicole Perugini

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9th Grade

Econ Quiz Two
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10 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

In this type of economy, practices and trades are handed down from one generation to the next, maintaining long-standing traditions.

Market
Traditional
Mixed
Command

2.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

What type of economy is characterized by supply and demand being determined by individual decisions in the marketplace?

Market
Mixed
Traditional
Command

3.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

In a _______ economy, resources and businesses are owned by the government. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid

Market
Traditional
Mixed
Command

4.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

What are natural resources?

Goods and services produced by human effort
Man-made materials used in production processes
Assets provided by nature that can be used for economic gain
Financial assets such as stocks and bonds

5.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

Which of the following best defines the concept of "incentives" in economics?

The taxes imposed by the government on goods and services
Monetary rewards offered to workers for completing tasks
The increase in prices due to high demand for a product
The regulations set by the government to control market behavior

6.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

A country focusing on producing primarily technology and pharmaceuticals instead of a wide variety of goods & services.

Free Trade
Specialization
Voluntary trade
Over-specialization

7.

MULTIPLE CHOICE QUESTION

5 mins • 2 pts

A person that buys something is a...

Consumer
Producer
Capital
Labor

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