Which statement best explains why scarcity is a problem for all societies?
BMS Economics and Trade Quiz 2

Quiz
•
Social Studies
•
8th Grade
•
Medium
Daniel Hartman
Used 6+ times
FREE Resource
24 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Governments do not distribute resources fairly.
People have unlimited wants, but resources are limited.
Prices are always increasing.
Some resources are more valuable than others.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a student chooses to spend an hour playing video games instead of studying for a test, what is the opportunity cost?
The fun of playing video games
The time spent on schoolwork
The grade they could have improved by studying
The money spent on the video game
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following choices is an example of scarcity affecting a government decision?
A family decides to buy a used car instead of a new one.
A student chooses between playing soccer and basketball.
A city must choose between building a new school or improving roads.
A company hires more workers to increase production.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which type of economy do businesses and individuals decide what to produce and sell?
Command economy
Mixed economy
Free market economy
Traditional economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a mixed economy differ from a command economy?
A mixed economy has no government involvement.
A command economy allows more private ownership.
A mixed economy blends private business with government control.
A command economy allows consumer sovereignty.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of economy relies most on tradition and customs?
Free market economy
Mixed economy
Command economy
Traditional economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does the government play in a free market economy?
The government makes all production decisions.
The government owns all businesses.
The government sets prices for all goods and services.
The government has limited involvement in the economy.
Create a free account and access millions of resources
Similar Resources on Quizizz
19 questions
Bayou Bridges Grade 8 Unit 2 Ch. 1 Vocab Quiz

Quiz
•
8th Grade
20 questions
The Federal Reserve

Quiz
•
8th - 12th Grade
27 questions
Financial Literacy Unit 1 Test Review

Quiz
•
8th Grade
20 questions
Government and the Market Assessment

Quiz
•
8th Grade
25 questions
Unit 9 Test Review

Quiz
•
8th Grade
20 questions
Soviet Union

Quiz
•
6th - 8th Grade
26 questions
BMS Economics and Global Trade Quiz

Quiz
•
8th Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
15 questions
June Review Quiz

Quiz
•
Professional Development
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
Discover more resources for Social Studies
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
6 questions
Earth's energy budget and the greenhouse effect

Lesson
•
6th - 8th Grade
15 questions
SMART Goals

Quiz
•
8th - 12th Grade
20 questions
Lesson: Slope and Y-intercept from a graph

Quiz
•
8th Grade