Understanding Economics

Understanding Economics

9th Grade

20 Qs

quiz-placeholder

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Understanding Economics

Understanding Economics

Assessment

Quiz

Business

9th Grade

Medium

Created by

Anonymous Anonymous

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of scarcity?

The unlimited availability of resources.

The limited availability of resources, forcing people to make choices.

The abundance of money and time.

The ability to have everything we want.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a "need"?

Designer clothes

Concert tickets

Basic clothing

Streaming subscriptions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to prices when demand is high and supply is low?

Prices go down.

Prices remain the same.

Prices go up.

Prices fluctuate randomly.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a "want"?

Food

Shelter

Video games

Medicine/healthcare

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost in the decision-making process?

The benefit you gain from a decision.

The reward you receive for making a choice.

What you give up when you make a decision.

The total amount of money spent.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a store offers a discount for buying two items instead of one, what type of incentive is this?

Negative Incentive

Positive Incentive

Neutral Incentive

No Incentive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the benefit in the decision-making process?

The amount of money you save.

The consequence of a poor decision.

What you gain from the decision.

The time you spend making a decision.

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