BMS Economics and Trade Quiz 2

BMS Economics and Trade Quiz 2

8th Grade

24 Qs

quiz-placeholder

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BMS Economics and Trade Quiz 2

BMS Economics and Trade Quiz 2

Assessment

Quiz

Social Studies

8th Grade

Medium

Created by

Daniel Hartman

Used 6+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best explains why scarcity is a problem for all societies?

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.

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