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Economic Concepts Quiz #2

Quiz by Darla McGuire

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36 questions
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  • Q1
    What is the law of demand?
    As the price of a good decreases, the quantity demanded increases
    As the price of a good increases, the quantity demanded decreases
    As the price of a good decreases, the quantity demanded decreases
    As the price of a good increases, the quantity demanded increases
    30s
  • Q2
    What is the concept of scarcity in economics?
    Excess resources compared to limited wants
    Unlimited resources compared to unlimited wants
    Limited resources compared to unlimited wants
    Limited resources compared to limited wants
    30s
  • Q3
    What is the concept of opportunity cost?
    The cost of materials and labor required to produce a good or service
    The price at which a good or service is sold in the market
    The value of the next best alternative foregone
    The total cost of producing a good or service
    30s
  • Q4
    What is an opportunity cost?
    The value of the next best alternative foregone
    The cost of materials and labor required to produce a good or service
    The price at which a good or service is sold in the market
    The total cost of producing a good or service
    30s
  • Q5
    What is the law of supply?
    As the price of a good decreases, the quantity supplied increases
    As the price of a good increases, the quantity supplied decreases
    As the price of a good decreases, the quantity supplied decreases
    As the price of a good increases, the quantity supplied increases
    30s
  • Q6
    What 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
  • Q7
    What 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
  • Q8
    What 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
  • Q9
    What 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
  • Q10
    What does the 'D' in the PACED Decision Making Model stand for?
    Decide
    Define
    Disengage
    Design
    30s
  • Q11
    What does the 'A' in the PACED Decision Making Model stand for?
    Analyze
    Alternatives
    Approve
    Action
    30s
  • Q12
    What does the 'C' in the PACED Decision Making Model stand for?
    Create
    Conclude
    Criteria
    Control
    30s
  • Q13
    What does the 'E' in the PACED Decision Making Model stand for?
    Evaluate
    Execute
    Estimate
    Examine
    30s
  • Q14
    What does the 'P' in the PACED Decision Making Model stand for?
    Problem
    Prioritize
    Perform
    Plan
    30s
  • Q15
    What is barter?
    A type of currency
    A method of exchanging goods or services without using money
    A system of taxation
    A machine used for making drinks
    30s

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