Social Studies

9th -

12thgrade

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Economics: Standard 3

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11 questions

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  • 1. Multiple Choice
    1 minute
    1 pt
    Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need? 
    Transportation costs are lower than they were a century ago.
    Resources are not evenly distributed among countries.
    Greater investment of capital goods increases productivity.
    People have limited resources to satisfy unlimited wants. 
  • 2. Multiple Choice
    1 minute
    1 pt
    Read the following two statements:
    1. Nation A produces cars more efficiently than it can grow food crops.
    2. Nation A produces cars and buys food from Nation B.
    What principle of economics is illustrated by these two statements?
    Laws of Supply and Demand
    Scarcity
    The Factors of Production
    Specialization
  • 3. Multiple Choice
    30 seconds
    1 pt

    When an individual specializes to produce one good, and then acquires additional desired goods from other specialists,

    both parties gain as a result of voluntary exchange.

    both parties gain as a result of fraudulent exchange.

    neither party gains as specialization decreases efficiency.

    neither party gains as specialization decreases productivity.

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