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Seventh Grade (Grade 7) Economics Questions

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Grade 7 Economics
Opportunity cost is
  1. the loan you choose not to take out
  2. the cost for starting a business
  3. the benefit you give up by choosing to do one thing instead of another
  4. none of the above
Grade 7 Economics
Grade 7 Economics
The United States has which type of economy?
  1. market
  2. command
  3. traditional
  4. mixed
Grade 7 Economics
When supply and demand are equal, economists call this condition..
  1. deficit
  2. supply and demand curve
  3. loan
  4. market equilibrium
Grade 7 Economics
A combination of market and command economy.
  1. Mixed Economy
  2. Traditional Economy
  3. Market Economy
  4. Command Economy
Grade 7 Economics
A tax on imports.
  1. Quota
  2. Embargo
  3. Tariff
  4. Import Tax
Grade 7 Economics
Grade 7 Economics

This question is a part of a group with common instructions. View group »

This economic system is based on customs and habits.
  1. Mixed
  2. Traditional
  3. Market
  4. Command
Grade 7 Economics
Why are most modern economies referred to as "mixed" economies?
  1. Poverty is always highest in countries with market economies
  2. Most countries have aspects of market and command economies
  3. Government planners do not know how to handle economic problems
  4. Products made by traditional economies have no markets in the modern world.
Grade 7 Economics
The education and skills of the workers.
  1. Post-Secondary Education
  2. Training
  3. Human Capital
  4. Capital Goods
Grade 7 Economics
This occurs when resources in a given society are distributed unevenly.
  1. monarchy
  2. bureaucracy
  3. slavery
  4. social inequality
Grade 7 Economics
Grade 7 Economics
What are the three basic question of economics?
  1. who will buy it,how much is it going to cost,where will it be sold
  2. why should we buy it,what color does it come in ,how much will it sell
  3. what will be produced,who will produce it,for whom will it be produced
  4. how many people will produce it,who will test it,who will it be produced for
Grade 7 Economics
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