Social Studies Quick Check 1 correct answer per question.

Question

1. How does opportunity cost affect people's wants and needs?
a. It changes the supply and demand of goods.
b. It requires them to make a choice.
c. It requires them to be producers and consumers.
d. Opportunity cost does not impact wants and needs.

2. When supply decreases and demand increases, what happens to the price of a good?
a. it increases
b. t stays the same
c. it is unaffected
d. it decreases

3. Which type of economic system has the highest level of government control?
a. traditional economy
b. market economy
c. command economy
d. mixed economy

4. Which of the following is a feature of a good budget?

a. money reserved for saving
b. income that is less than its expenses
c. high use of credit
d. economic incentives

Answer 1

1. b. It requires them to make a choice.

2. a. it increases

3. c. command economy

4. a. money reserved for saving