Economics Quiz

Economics Quiz

12th Grade

15 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Others

12th Grade

Medium

Created by

Lovely Bajaj

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe physical, tangible objects used to satisfy people's wants and needs?

Allocation

Resources

Services

Goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe those goods and services which are used to produce other goods and services?

Goods

Services

Resources

Allocation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe the intangible satisfaction of wants and needs?

Goods

Services

Allocation

Resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe an individual decision-making unit?

Firm

Organisation

Individual

Household

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe how much of which resource is devoted to the production of each of the goods and services?

Goods

Services

Resources

Allocation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, economic activities are organised through which institution?

Market

Firm

Government

Household

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy has the government or central authority planning all important activities?

Centrally Planned Economy

Free Economy

Market Economy

Mixed Economy

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