Economics Practice Exam! Trivia Knowledge! Quiz
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- 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
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