Intro to Business Final Study Guide

Intro to Business Final Study Guide

10th Grade

37 Qs

quiz-placeholder

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Intro to Business Final Study Guide

Intro to Business Final Study Guide

Assessment

Quiz

Life Skills

10th Grade

Easy

Created by

Peter Fenster

Used 4+ times

FREE Resource

37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term scarcity refer to in economics?

Unlimited resources for all wants

Having more goods than needed

Limited resources to meet unlimited wants

Government control over production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A traditional economy is primarily based on:

Supply and demand

Government planning

Customs and historical practices

Technological advancement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who controls the means of production?

Consumers

Private business owners

The government

Foreign investors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A budget surplus occurs when:

Imports exceed exports

A government spends more than it earns

Revenue exceeds expenditures

There is no taxation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A budget deficit means:

Spending is less than income

Spending exceeds income

The economy is booming

The GDP is high

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP per capita measures:

The total exports of a country

The government deficit

Average income per person

Population growth

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imports are:

Goods sent to another country

Taxes on foreign goods

Goods brought into a country

Domestic products

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