Economics Terms Quiz | 24-25

Economics Terms Quiz | 24-25

7th Grade

22 Qs

quiz-placeholder

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Economics Terms Quiz | 24-25

Economics Terms Quiz | 24-25

Assessment

Quiz

Social Studies

7th Grade

Hard

Created by

Chaelee Alas

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"These are machines, factories, and tools used to make other goods."

capital goods

consumer goods

natural resources

labor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A(n) _____ is a ban on trading with specific countries.

embargo

tariff

quota

subsidy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"The skills and talents of workers in a country"

human capital

natural resources

financial capital

technological capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Saudi Arabia wants to keep oil prices high, so they meet with other oil-producing countries to agree on limiting oil production. What type of organization are they forming?

Trade Union

Cartel

Consortium

Alliance

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In North Korea, the government decides what goods will be produced, how much they will cost, and who can buy them. What type of economy does North Korea have?

Market economy

Mixed economy

Command economy

Traditional economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Maria buys a new phone, some groceries, and pays for a haircut. Which economic role is Maria playing in these transactions?

Producer

Consumer

Investor

Supplier

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sarah has noticed that there's no good coffee shop near her office, so she takes out a loan to open one. What economic activity is Sarah engaging in?

Investment

Entrepreneurship

Consumption

Saving

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