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Economics Quiz

A visually engaging image representing various economic concepts, such as graphs, currency, and industrial elements, set in an educational theme.

Test Your Economics Knowledge

Welcome to the Economics Quiz! This quiz is designed to help you assess your understanding of key economic concepts and terms. Whether you're a student, a teacher, or just someone interested in economics, this quiz offers a range of questions that will challenge your knowledge.

You will explore topics such as:

The Primary Sector
Demand Laws
Economic Systems
Global Economic Influence

11 Questions3 MinutesCreated by LearningEconomist42

Name:

What is the definition of the Primary Sector?

Retail Sales/Services

Manufacturing of raw resources

Extraction of raw resources

Society's system of roles and norms that govern the production, distribution and consumption of goods and services.

Economic Institution

Economic Balances

Economic Order

True/False The Preindustrial Industry focused on the secondary sector.

True

False

In Capitalism factors of production are owned by ______

The population

Individuals

The Government

Special Companies

True/False The Law of Demand states that consumers will demand more of a product as the price decreases and that consumers will demand less of a product as the price increases.

True

False

Socialism: Economic activity entirely controlled by the ______.

Individuals

Government

Groups of people

Special Companies

The twentieth century is sometimes called the American Century because the United States was the world's ________ nation for most of that period.

Most powerful

Weakest

Fastest Growing

Fastest Shrinking

Oligopoly, when ______ controls the majority of the economy

Small Companies

Big Companies

Individuals

Government

True/False Protectionism is the agreement between two countries to support each others economies if one falls.

True

False

The U.S. And many of its companies rely heavily on this product

Oil

Cotton

Wood

Concrete

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