Economics Quiz

Economics Quiz

7th Grade

20 Qs

quiz-placeholder

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Economics Quiz

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Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Kaitlyn Miller

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are capital goods?

Goods sold directly to consumers

Physical goods used to produce other goods and services

Money used to start a business

Services provided by businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cartel?

A type of government tax on goods

A group of producers that control supply and prices in a market

A law that limits production in industries

A government program that regulates trade

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an embargo?

A tax on imported goods

A government order that restricts trade with a specific country

A limit on how much of a product can be imported

A group of businesses that set prices together

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is entrepreneurship?

The study of international trade

The ability to take risks to create and run a business

A system where businesses are owned by the government

The process of selling goods to foreign markets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who makes the economic decisions?

Consumers and businesses

The government

Individual entrepreneurs

A group of private corporations

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP (Gross Domestic Product) measures:

The number of people living in a country

The total value of all goods and services produced in a country within a year

The total amount of money spent by consumers

The total imports and exports of a country

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean to specialize in an economy?

To limit production to a small amount of goods

To focus on producing a specific type of good or service efficiently

To stop trading with other countries

To increase taxes on imported goods

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