1# Understanding Economic Concepts Quiz

1# Understanding Economic Concepts Quiz

7th Grade

20 Qs

quiz-placeholder

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1# Understanding Economic Concepts Quiz

1# Understanding Economic Concepts Quiz

Assessment

Quiz

Other

7th Grade

Medium

Created by

Jacob life)

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price in a market?

The price at which supply exceeds demand

The price at which demand exceeds supply

The price at which supply equals demand

The price set by the government

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the law of supply?

As price increases, supply decreases

As price decreases, supply increases

As price increases, supply increases

Supply is independent of price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly in market structure?

A market with many sellers and one buyer

A market with one seller and many buyers

A market with many sellers and many buyers

A market with no sellers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of business ownership?

Monopoly

Partnership

Supply chain

Demand curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the demand when the price of a product decreases, assuming all other factors remain constant?

Demand decreases

Demand increases

Demand remains the same

Demand becomes zero

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a free enterprise system?

Government sets all prices

Businesses are owned by the state

Businesses operate with minimal government interference

There is no competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the circular flow of the economy?

The movement of goods and services in a straight line

The movement of money, resources, and goods in a circular pattern

The movement of money only

The movement of resources only

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