Economics Vocabulary #3

Economics Vocabulary #3

7th Grade

15 Qs

quiz-placeholder

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Economics Vocabulary #3

Economics Vocabulary #3

Assessment

Quiz

Social Studies

7th Grade

Easy

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contract

an agreement between two or more parties that is enforceable in court

a verbal agreement that is not legally binding

a document that outlines the terms of a loan

a promise made without any legal obligation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition

the struggle among producers for the dollars of consumers

a method of increasing prices for goods

the collaboration between businesses to set prices

the process of reducing production costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Tax

a tax on people's earnings (16th Amendment)

a tax on property ownership

a tax on sales transactions

a tax on corporate profits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic Stimulus

a policy designed to promote business activity and speed up economic growth

a strategy to reduce government spending

a method to increase taxes on corporations

a plan to decrease unemployment benefits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inflation

an increase in prices with the value of money staying the same

a decrease in prices with the value of money increasing

a stable price level with fluctuating currency value

a sudden drop in prices leading to deflation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imports

goods and services purchased from other countries

products manufactured domestically

items sold to other countries

services provided by local businesses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopoly

complete control of a type of good or service by one person or group

a market structure with many competitors

a situation where prices are determined by supply and demand

a type of government regulation on prices

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