Economic Concepts and Principles

Economic Concepts and Principles

8th Grade

15 Qs

quiz-placeholder

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Economic Concepts and Principles

Economic Concepts and Principles

Assessment

Quiz

Social Studies

8th Grade

Practice Problem

Hard

Created by

Atish Lilmohun

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is economics primarily concerned with?

The study of money and banks

The study of choices in a world of scarcity

The study of government policies

The study of inflation and the economy

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is the central economic problem?

How to make everyone rich

How to allocate limited resources to satisfy unlimited wants

How to control inflation

How to manage international trade

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is NOT one of the three key questions addressed in economics regarding the economic problem?

What to produce?

How to produce?

When to produce?

Who to produce for?

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What are the resources used to produce goods and services known as?

Economic agents

Factors of production

Consumer spending

Capital goods

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which factor of production includes natural resources like oil, gold, or land for farming?

Labour

Capital

Enterprise

Land

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

A teacher in a school or a pilot on a plane are examples of which factor of production?

Labour

Land

Capital

Enterprise

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What term describes manufactured aids to production, such as ovens in a bakery or power stations?

Land

Labour

Capital

Enterprise

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