Economics Practice Exam! Trivia Knowledge! Quiz

9 Questions | Total Attempts: 1673

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Economics Practice Exam! Trivia Knowledge! Quiz

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Questions and Answers
  • 1. 
    What is Scarcity?
    • A. 

      Scarcity Is the condition that results from society not having enough resources to produce all things.

    • B. 

      The fundamental economic problem facing all societies is that of scarcity.

    • C. 

      Whether they are rich or poor mot people want more stuff.

    • D. 

      Some people want things like expensive cars and extra big houses things such as that.

  • 2. 
    What is a need?
    • A. 

      Economics often talk about needs and wants.

    • B. 

      Wanting a New Pair Of Shoes.

    • C. 

      Wanting to go and buy some new pants.

    • D. 

      Something that you need meaning food water and shelter, things such as that.

  • 3. 
    What is a want?
    • A. 

      A want is water.

    • B. 

      A want is food.

    • C. 

      A want is something that you want like some shoes or something new.

    • D. 

      A want is something that I have.

  • 4. 
    What is economics?
    • A. 

      Economics is life.

    • B. 

      Economics is something that people go through.

    • C. 

      I want someone to tell me Economics.

    • D. 

      The study of how people try to satisfy what appears to be seemingly unlimited.

  • 5. 
    When does Economic  growth occur?
    • A. 

      When more peole come in the community.

    • B. 

      When Its A lot Of People.

    • C. 

      A Number Of People In The Same Community.

    • D. 

      It occurs When Nations Total Output Of Goods And SErvices Increases over time.

  • 6. 
    When does specialization take place?
    • A. 

      It takes place when your special.

    • B. 

      It's only for certain special people.

    • C. 

      It takes place when factors of production perform tasks that they can do relatively.

    • D. 

      If you're not special you will not get a specialization.

  • 7. 
    What is wealth?
    • A. 

      Wealth is when you happy.

    • B. 

      Wealth is and economics sense is the accumalation of those products that are tangible.

    • C. 

      Wealthy is when you have good health.

    • D. 

      Wealthy is something that everybody has.

  • 8. 
    What is the largest average income for males?
    • A. 

      $27,567

    • B. 

      $56,897

    • C. 

      $93,106

    • D. 

      $120,052

  • 9. 
    What is the largest average income for females?
    • A. 

      $74,077

    • B. 

      $29,987

    • C. 

      $45,657

    • D. 

      $23,342