How Well Is Your Economics Knowledge? Trivia Quiz
(27).jpg "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.
- 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
Questions: 10 | Attempts: 16215 | Last updated: Jun 15, 2020
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