How Well Is Your Economics Knowledge? Trivia Quiz

22 Questions | Total Attempts: 491

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How Well Is Your Economics Knowledge? Trivia Quiz

Do you sometimes have difficulty with money matters? Taking this Economics quiz could help. For this quiz, you will have to determine a need or want, what service is, what is a scarce resource, what is labor, any human-made help used to generate goods and services, and an entrepreneur. So how much do you believe you know about economics? Take this quiz and see.


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 activities that one person performs for another.
    • A. 

      Needs

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Services

  • 5. 
    People can have everything they need and want.
    • 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 want 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 things.
    • 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. 
    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 as
    • 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

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