
Exploring Economic Concepts and Applications

Quiz
•
Social Studies
•
11th Grade
•
Medium
Standards-aligned
Mark Modica
Used 1+ times
FREE Resource
60 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
William and Abigail are running a lemonade stand. Which of the following best describes the role of supply and demand in determining the price and quantity of their lemonade?
Supply and demand determine the price and quantity of goods and services.
Supply and demand are irrelevant in a market economy.
Supply determines price, while demand determines quantity.
Demand determines price, while supply determines quantity.
Tags
DOK Level 2: Skill/Concept
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Nora received her paystub for the month. What is the primary purpose of this document?
To provide a summary of an employee's work schedule.
To detail the deductions and net pay for an employee.
To serve as a contract between employer and employee.
To calculate the total hours worked by an employee.
Tags
DOK Level 2: Skill/Concept
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Noah is considering joining a financial institution that is owned by its members. Which of the following is a characteristic of this type of institution?
It is a for-profit financial institution.
It is owned by its members.
It offers fewer financial services than banks.
It is regulated by the federal government only.
Tags
DOK Level 2: Skill/Concept
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Nora invested some money in a bank. How does compound interest differ from simple interest in her investment?
Compound interest is calculated only once a year.
Simple interest is calculated on the initial principal only.
Compound interest is calculated on the initial principal only.
Simple interest includes interest on interest.
Tags
DOK Level 2: Skill/Concept
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arjun wants to know what the Rule of 72 is used for in finance?
To calculate the time it takes for an investment to double at a fixed annual rate of interest.
To determine the annual interest rate needed to double an investment in 72 years.
To calculate the monthly payment on a loan.
To estimate the inflation rate over a period of time.
Tags
DOK Level 2: Skill/Concept
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During a class discussion, Lily asked which economic indicator is most commonly used to measure inflation. What should she consider?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Balance of Trade
Tags
DOK Level 2: Skill/Concept
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Henry is learning about government functions in his economics class. What is the primary function of taxes in a government?
To discourage spending by citizens.
To fund public services and infrastructure.
To increase the wealth of government officials.
To regulate the stock market.
Tags
DOK Level 2: Skill/Concept
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