Economic Concepts Quiz #2
Quiz by Darla McGuire
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
36 questions
Show answers
- Q1What is the law of demand?As the price of a good decreases, the quantity demanded increasesAs the price of a good increases, the quantity demanded decreasesAs the price of a good decreases, the quantity demanded decreasesAs the price of a good increases, the quantity demanded increases30s
- Q2What is the concept of scarcity in economics?Excess resources compared to limited wantsUnlimited resources compared to unlimited wantsLimited resources compared to unlimited wantsLimited resources compared to limited wants30s
- Q3What is the concept of opportunity cost?The cost of materials and labor required to produce a good or serviceThe price at which a good or service is sold in the marketThe value of the next best alternative foregoneThe total cost of producing a good or service30s
- Q4What is an opportunity cost?The value of the next best alternative foregoneThe cost of materials and labor required to produce a good or serviceThe price at which a good or service is sold in the marketThe total cost of producing a good or service30s
- Q5What is the law of supply?As the price of a good decreases, the quantity supplied increasesAs the price of a good increases, the quantity supplied decreasesAs the price of a good decreases, the quantity supplied decreasesAs the price of a good increases, the quantity supplied increases30s
- Q6What is a tradeoff?A situation where both parties benefit equally.A situation where there is no compromise.A situation things must be given up in order to gain something else.A situation where one party gains and the other loses.30s
- Q7What is a tradeoff in personal finance?Choosing between different banks for savings accounts.Choosing between spending money on immediate wants or saving for future goals.Choosing between different credit card rewards programs.Choosing between different investment options.30s
- Q8What is an economic model?A system of trade between countries.A simplified representation of economic problem.A type of financial investment.A government policy to regulate prices.30s
- Q9What is the law of supply and demand?A law that governs criminal activities related to supply and demand.A regulation that sets a minimum wage for workers.A principle that determines the quality of goods and services.The theory that states the price of a product is determined by the relationship between the quantity supplied and the quantity demanded.30s
- Q10What does the 'D' in the PACED Decision Making Model stand for?DecideDefineDisengageDesign30s
- Q11What does the 'A' in the PACED Decision Making Model stand for?AnalyzeAlternativesApproveAction30s
- Q12What does the 'C' in the PACED Decision Making Model stand for?CreateConcludeCriteriaControl30s
- Q13What does the 'E' in the PACED Decision Making Model stand for?EvaluateExecuteEstimateExamine30s
- Q14What does the 'P' in the PACED Decision Making Model stand for?ProblemPrioritizePerformPlan30s
- Q15What is barter?A type of currencyA method of exchanging goods or services without using moneyA system of taxationA machine used for making drinks30s