Economics Practice Exam! Trivia Knowledge! Quiz

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Economics Practice Exam! Trivia Knowledge! Quiz - Quiz


Preparing for an economics exam? This quiz can be helpful to you. With this quiz, you must know what scarcity is, what is a want compared to a need, what is specialization, how does economic growth flourish, what exactly is wealth, what is the male’s average income compared to women’s average income, etc. This quiz was designed to show you how to pass the exam. All the best.


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.

    Correct Answer
    A. Scarcity Is the condition that results from society not having enough resources to produce all things.
    Explanation
    Scarcity refers to the condition where there is an insufficient amount of resources available in a society to produce all the goods and services that people desire. This is considered as the fundamental economic problem faced by all societies. Regardless of their wealth or poverty, most individuals have a desire for more material possessions, such as expensive cars and large houses. However, due to limited resources, it is not possible to fulfill all these wants and needs, leading to scarcity.

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  • 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.

    Correct Answer
    D. Something that you need meaning food water and shelter, things such as that.
    Explanation
    The answer correctly identifies a need as something essential for survival, such as food, water, and shelter. This distinguishes needs from wants, which are desires or preferences for non-essential items like new shoes or pants. The answer also acknowledges that needs are often discussed in the field of economics.

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  • 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.

    Correct Answer
    C. A want is something that you want like some shoes or something new.
    Explanation
    This answer correctly defines a want as something that an individual desires, such as shoes or something new. It aligns with the general understanding that wants are the desires or preferences that go beyond basic needs like water or food.

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  • 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.

    Correct Answer
    D. The study of how people try to satisfy what appears to be seemingly unlimited.
    Explanation
    The answer correctly defines economics as the study of how people attempt to fulfill their seemingly unlimited wants and needs. Economics involves analyzing how individuals, businesses, and societies make choices regarding the allocation of scarce resources to satisfy these desires. It encompasses the study of production, distribution, and consumption of goods and services, as well as the behavior of markets and the impact of government policies.

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  • 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.

    Correct Answer
    D. It occurs When Nations Total Output Of Goods And SErvices Increases over time.
    Explanation
    Economic growth occurs when a nation's total output of goods and services increases over time. This means that the economy is producing more goods and services, indicating a positive change in the overall economic performance. The increase in output can be a result of factors such as technological advancements, increased investment, improved productivity, and expansion of industries. Economic growth is an important indicator of a country's prosperity and can lead to higher standards of living, increased employment opportunities, and improved infrastructure.

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  • 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.

    Correct Answer
    C. It takes place when factors of production perform tasks that they can do relatively.
    Explanation
    Specialization takes place when factors of production perform tasks that they can do relatively. This means that each factor of production, such as labor, capital, and land, focuses on the specific tasks that they are most efficient at. By specializing in these tasks, factors of production can increase productivity and efficiency, leading to overall economic growth. Specialization allows for the division of labor and the development of expertise, leading to higher quality goods and services.

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  • 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.

    Correct Answer
    B. Wealth is and economics sense is the accumalation of those products that are tangible.
  • 8. 

    What is the largest average income for males?

    • A.

      $27,567

    • B.

      $56,897

    • C.

      $93,106

    • D.

      $120,052

    Correct Answer
    D. $120,052
    Explanation
    The largest average income for males is $120,052. This means that, on average, males earn this amount of money. It is higher than the other options provided, indicating that it is the highest average income among males.

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  • 9. 

    What is the largest average income for females?

    • A.

      $74,077

    • B.

      $29,987

    • C.

      $45,657

    • D.

      $23,342

    Correct Answer
    A. $74,077
    Explanation
    The largest average income for females is $74,077. This means that, on average, females earn this amount of money. This could be due to various factors such as higher education levels, job opportunities, or specific industries that tend to pay higher salaries to women.

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