placeholder image to represent content

Economic Key Facts - Part 1

Quiz by Darla McGuire

Feel free to use or edit a copy

includes Teacher and Student dashboards

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

Our brand new solo games combine with your quiz, on the same screen

Correct quiz answers unlock more play!

New Quizalize solo game modes
30 questions
Show answers
  • Q1

    Economics is defined as...

    defining a problem

    the study of neuroscience

    the study of people and choices.

    30s
  • Q2

    What is scarcity?

    Choices

    PPC

    Tradeoffs

    unlimited wants but limited resources

    30s
  • Q3

    Opportunity cost is best described by the saying...

    "Don't count your chickens before they hatch."

    "A fool and his money are soon parted."

    "A bird in the hand is worth two in the bush."

    "There is no such thing as a free lunch."

    30s
  • Q4

    Opportunity cost is...

    the next best alternative

    your actual decision

    30s
  • Q5

    Maria needs to go to college. Which economic model should she use to help her make this decision?

    Model Airplane

    PPC

    SMART Goals

    PACED Decision Making Model

    30s
  • Q6

    This economic model is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources.

    PACED Decision Making Model

    Model Airplane

    PPC/PPF (Production Possibilities Curve/Frontier)

    SMART Goals

    30s
  • Q7

    The four factors of production include:

    Land, Plants, Seeds, Grass

    None of these

    Land, Labor, Entrepreneurship, Capital

    Animals, Land, Machines, People

    30s
  • Q8

    Every economic system has to answer what 3 basic economic questions?

    For whom will they be produced for?

    What will be produced?

    How will it be produced?

    All of these

    30s
  • Q9

    Combines characteristics of BOTH a market and a command economy.  Governments do NOT tell individuals and businesses directly what to produce BUT they impose laws & limitations.

    Mixed Market Economy

    Command Economy

    Market Economy

    Traditional Economy

    30s
  • Q10

    Economic questions are answered by traditions.  What has always been done, will continue to be done - no modern technology.

    Command Economy

    Mixed Market Economy

    Traditional Economy

    Market Economy

    30s
  • Q11

    The government answers all 3 economic questions. This results in a struggle to provide adequate quantities for their nations.

    Mixed Market Economy

    Traditional Economy

    Command Economy

    Market Economy

    30s
  • Q12

    What people are supposed to produce, how they should produce it, and who will receive the goods/services are all determined by individuals & businesses. Consumers decide what will be produced by casting their “dollar votes.”

    Traditional Economy

    Command Economy

    Market Economy

    Mixed Market Economy

    30s
  • Q13

    United States of America is a _________________

    Traditional Economy

    Market Economy

    Command Economy

    Mixed Market Economy

    30s
  • Q14

    “The Fed” is short for

    Congress

    The Federal Deposit Insurance Corporation

    The FBI

    The Federal Reserve System

    30s
  • Q15

    This law illustrates that there is a direct, or positive, relationship between the price of a good or service and the quantity supplied of that good or service.  If the price goes up the quantity supplied will go up and vice versa.  What law is this?

    Law of Equilibrium Pricing

    Marginal Utility

    Law of Demand

    Law of Supply

    30s

Teachers give this quiz to your class