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Economics Quizzzzz

22 Questions
Economics Quizzes & Trivia

Economics quiz.

Questions and Answers
  • 1. 
     something like air, food or shelter that is necessary for survival
    • A. 

      Need

    • B. 

      Want

    • C. 

      Goods

    • D. 

      Services

  • 2. 
    An item that we desire but that is not essential for survival
    • A. 

      Need

    • B. 

      Service

    • C. 

      Want

    • D. 

      Good

  • 3. 
    Physical objects such as food and clothes
    • A. 

      Economics

    • B. 

      Goods

    • C. 

      Services

    • D. 

      Want

  • 4. 
    Actions or activites that one person performs for another
    • A. 

      Needs

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Services

  • 5. 
    People can have everything they need and want, true or false
    • A. 

      True

    • B. 

      False

  • 6. 
    Because people cannot have everything they need and want - they must decide which choice will fit their needs best
    • A. 

      True

    • B. 

      False

  • 7. 
    The study of how people seek to satisfy their needs and wants by making choices
    • A. 

      Social studies

    • B. 

      Economics

    • C. 

      History

    • D. 

      Biology

  • 8. 
    The reason why people must make choices is because of
    • A. 

      Scarcity

    • B. 

      Shortage

    • C. 

      Needs

    • D. 

      Wants

  • 9. 
    All of the goods and services we produce are scarce
    • A. 

      True

    • B. 

      False

  • 10. 
    What implies limited quantities of resources to meet unlimited wants
    • A. 

      Economics

    • B. 

      Shortage

    • C. 

      Scarcity

    • D. 

      Needs

  • 11. 
    Scarcity and shortage are the same thing
    • A. 

      True

    • B. 

      False

  • 12. 
    What occurs when producers will not or cannot offer goods and services at the current prices
    • A. 

      Shortage

    • B. 

      Scarcity

    • C. 

      Depression

    • D. 

      Regression

  • 13. 
    True or false: goods and services are scarce because they are all made from resources that are scarce
    • A. 

      True

    • B. 

      False

  • 14. 
    Resources that are used to make all goods and services are known as 
    • A. 

      The factors of production

    • B. 

      Land

    • C. 

      Capital

    • D. 

      Physical capital

  • 15. 
    Natural resources are land?
    • A. 

      True

    • B. 

      False

  • 16. 
    The effort that a person devotes to a task is known as labor
    • A. 

      True

    • B. 

      False

  • 17. 
    Any human made resource that is used to produce other goods and services 
    • A. 

      Capital

    • B. 

      Shortage

    • C. 

      Land

    • D. 

      Scarcity

  • 18. 
    Human made objects used to create other goods and services are known ? the synonym for capital goods
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Physical capital

    • D. 

      Factors

  • 19. 
    Physical capital includes buildings and tools & can save time and money
    • A. 

      True

    • B. 

      False

  • 20. 
    Extra time, more knowledge, and more productivity are not results of physical capital
    • A. 

      True

    • B. 

      False

  • 21. 
    The knowledge and skills a worker gains through education and experience
    • A. 

      Physical capital

    • B. 

      Human capital

    • C. 

      Labor

    • D. 

      Land

  • 22. 
    Entrepreneurs are ambitious leaders who decide how to combine land labor and capital to create new goods and services
    • A. 

      True

    • B. 

      False