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Basics of Economics

Quiz
•
English
•
12th Grade
•
Hard
Sarah Williams
FREE Resource
25 questions
Show all answers
1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
It is the act of using resources to satisfy current needs and wants.
Substitute
Production
Opportunity cost
Consumption
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When supply of a resource cannot meet demand.
Scarcity
Factors of production
Opportunity cost
Debt
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
These are similar to product markets but refer to the components that are required for production, not just the products.
Households
Producers
Consumers
Resource market
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the factors of production?
Labour, land, capital, entrepreneurship
Consumers, Producers
Households, companies
Supply and demand
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This economy is controlled and coordinated by the state.
Planned economy
Market economy
Mixed economy
Traditional economy
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Production and allocation of resources are prescribed by the state.
Traditional economy
Mixed economy
Command economy
Market economy
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