7th grade economics vocab

7th grade economics vocab

Assessment

Assessment

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Social Studies

7th Grade

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30 questions

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1.

Multiple Choice

45 sec

1 pt

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Which of the following could cause the price for automobiles to decrease?

The local factory gives a big raise to its employees.

People get an extra tax refund of $5,000

A brand new automobile dealership opens in town.

The price of gasoline falls.

2.

Multiple Choice

45 sec

1 pt

If a consumer knows that a product will be going on sale next week, how will his/her CURRENT demand be affected?

it will go up

it will go down

it will stay the same

It will double

3.

Multiple Choice

20 sec

1 pt

In a market economy, who decides on the prices of goods and services?

government

buyers and sellers

firms

local leaders

4.

Multiple Choice

20 sec

1 pt

Generally speaking, the lower the price, the greater the quantity demand.

True

False

5.

Multiple Choice

20 sec

1 pt

For the law of demand, as price rises, what happens to quantity demanded?

it goes up

it goes down

it stays the same

it is not effected

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