Trivia: Could You Pass This Economics Exam? Quiz

20 Questions | Total Attempts: 118

SettingsSettingsSettings
Trivia: Could You Pass This Economics Exam? Quiz - Quiz

Do you have an economics exam to pass? This quiz will give you a positive outcome. In economics, GDP stands for Gross Domestic Product, which is the best measure of a country’s economic performance. It represents the total market worth of all polished goods and services generated in a country each year or period. This is one of the many exciting components of economics. Don’t forget to take your certificate when you have finished this quiz.


Questions and Answers
  • 1. 
    If Scott opens a business selling pies, he would be considered a(an):
    • A. 

      Consumer

    • B. 

      Investor

    • C. 

      Stockholder

    • D. 

      Entrepreneur

  • 2. 
    What is economics?
    • A. 

      Study of the consumption, distribution, and production of goods and services.

    • B. 

      Study of how the three branches of government interact.

    • C. 

      Study of how countries trade with one another.

    • D. 

      Study of how people start new businesses.

  • 3. 
    In this type of economy the government controls (regulates) and owns all property and resources:
    • A. 

      Traditional

    • B. 

      Free market

    • C. 

      Command

    • D. 

      Mixed

  • 4. 
    Individuals are encouraged to open businesses but the government DOES regulate them to some degree in this type of economy.
    • A. 

      Traditional

    • B. 

      Free market

    • C. 

      Command

    • D. 

      Mixed

  • 5. 
    Examples of these are water, land, minerals, and air.
    • A. 

      Human capital

    • B. 

      Capital goods

    • C. 

      Natural resources

    • D. 

      Entrepreneur

  • 6. 
    The government is not involved and individuals are free to set their own prices in this type of economy.
    • A. 

      Traditional

    • B. 

      Free market

    • C. 

      Command

    • D. 

      Mixed

  • 7. 
    The inability to satisfy all wants at the same time is:
    • A. 

      Scarcity

    • B. 

      Opportunity cost

    • C. 

      Price

    • D. 

      Demand

  • 8. 
    When the demand for something is greater than the supply, what happens to the price?
    • A. 

      It goes up

    • B. 

      It goes down

    • C. 

      Nothing

    • D. 

      It fluctuates wildly

  • 9. 
    The using of goods and services is known as:
    • A. 

      Scarcity

    • B. 

      Consumption

    • C. 

      Production

    • D. 

      Incentives

  • 10. 
    The amount of money exchanged for a good or service is known as:
    • A. 

      Choice

    • B. 

      Supply

    • C. 

      Price

    • D. 

      Demand

  • 11. 
    All of the following are considered incentives EXCEPT:
    • A. 

      High prices

    • B. 

      Coupons

    • C. 

      Buy one, get one free

    • D. 

      Discount cards

  • 12. 
    Something that is given up when a choice is made is known as:
    • A. 

      Consumption

    • B. 

      Opportunity cost

    • C. 

      Price

    • D. 

      Production

  • 13. 
    This word means to select an item or action from a set of possible alternatives:
    • A. 

      Resources

    • B. 

      Goods

    • C. 

      Choice

    • D. 

      Scarcity

  • 14. 
    What do we call someone who takes a risk to produce goods and services while hoping for a profit?
    • A. 

      Proprietor

    • B. 

      Employee

    • C. 

      Consumer

    • D. 

      Entrepreneur

  • 15. 
    What kind of economy is most commonly used around the world?
    • A. 

      Mixed

    • B. 

      Command

    • C. 

      Free market

    • D. 

      Traditional

  • 16. 
    Goods are things that can be seen and touched.
    • A. 

      True

    • B. 

      False

  • 17. 
    Services cannot be seen or touched.
    • A. 

      True

    • B. 

      False

  • 18. 
    Each time a person makes an economic choice, there is an opportunity cost.
    • A. 

      True

    • B. 

      False

  • 19. 
    Workers are a nation's natural resources.
    • A. 

      True

    • B. 

      False

  • 20. 
    The United States has the knowledge and ability to produce all the goods and services that will satisfy everyone's wants.
    • A. 

      True

    • B. 

      False

Back to Top Back to top