Economics Test

Economics Test

46 Qs

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Assessment

Quiz

others

Hard

Created by

MELISSA DYER

Used 1+ times

FREE Resource

46 questions

Show all answers

1.

OPEN ENDED QUESTION

30 sec • Ungraded

Media Image
Extra Credit - Why does the quantity supplied decrease as the price decreases? (hint - Who decides how much to supply?)

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2.

OPEN ENDED QUESTION

30 sec • Ungraded

Media Image
Extra Credit - Why does the quantity demanded decrease as the price increases? (hint- Who decides what the demand is?)

Evaluate responses using AI:

OFF

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Based on the graph, what is the ideal market price?
$5
$10
$7
$3

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is it decided what will be produced in a traditional economy?
Goods that were always produced are still produced
Individuals decide what to produce based on their skills and resources
The goods produced are the ones that the government chooses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines how goods are produced in a command economy?
Goods are produced in the most efficient manner as decided by the government
Production of goods follows the same process that it always has
Individuals can produce goods in any way that they see fit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines how goods are produced in a traditional economy?
Goods are produced in the most efficient manner as decided by the government
Production of goods follows the same process that it always has
Individuals can produce goods in any way that they see fit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines how goods and resources will be distributed in a command economy?
The government decides how goods and resources are distributed
Goods and resources will go to anyone who is able to buy them
Goods are usually shared or traded among the members of the society

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