Economics Quiz

Economics Quiz

8th Grade

27 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

8th Grade

Hard

Created by

Ruby Hunter Sowers

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the concept of scarcity require from consumers, producers, and governments according to the study guide?

To make unlimited choices

To make difficult choices due to limited resources

To ignore resource limitations

To focus only on production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by 'opportunity cost' in economic terms?

The cost of purchasing goods and services

The benefit of choosing the second-best alternative

The value of what is given up when making a choice

The total expenses incurred in production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which types of resources are mentioned in the study guide as being used in the production of goods and services?

Financial, digital, and physical resources

Natural, human, capital, and entrepreneurship

Biological, chemical, and management resources

Educational, technological, and operational resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the study guide, what determines what is purchased and consumed in the market?

Government regulations and laws

Consumer preferences and price

Producer preferences and marketing

International trade agreements

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key factor in determining the type of economy a country has?

The country's population size

The extent of government involvement

The geographical location of the country

The main export product of the country

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy is characterized by private ownership of property and minimal government involvement?

Traditional Economy

Command Economy

Mixed Economy

Free Market Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economy do individuals and businesses own the resources and make decisions for the private sector?

Traditional Economy

Command Economy

Mixed Economy

Free Market Economy

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