How Well Is Your Economics Knowledge? Trivia Quiz
(27).jpg "How Well Is Your Economics Knowledge? Trivia Quiz - 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
Correct Answer
A. Need -
- 2.
An item that we desire but that is not essential for survival.
- A.
Need
- B.
Service
- C.
Want
- D.
Good
Correct Answer
C. Want -
- 3.
Physical objects such as food and clothes.
- A.
Economics
- B.
Goods
- C.
Services
- D.
Want
Correct Answer
B. Goods -
- 4.
Actions or activities that one person performs for another.
- A.
Needs
- B.
Wants
- C.
Goods
- D.
Services
Correct Answer
D. Services -
- 5.
People can have everything they need and want.
- A.
True
- B.
False
Correct Answer
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
Correct Answer
A. True -
- 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
Correct Answer
B. Economics -
- 8.
The reason why people must make choices is because of
- A.
Scarcity
- B.
Shortage
- C.
Needs
- D.
Wants
Correct Answer
A. Scarcity -
- 9.
All of the goods and services we produce are scarce.
- A.
True
- B.
False
Correct Answer
A. True -
- 10.
What implies limited quantities of resources to meet unlimited wants?
- A.
Economics
- B.
Shortage
- C.
Scarcity
- D.
Needs
Correct Answer
C. Scarcity -
- 11.
Scarcity and shortage are the same things.
- A.
True
- B.
False
Correct Answer
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
Correct Answer
A. Shortage -
- 13.
Goods and services are scarce because they are all made from resources that are scarce.
- A.
True
- B.
False
Correct Answer
A. True -
- 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
Correct Answer
A. The factors of production -
- 15.
Natural resources are land?
- A.
True
- B.
False
Correct Answer
A. True -
- 16.
The effort that a person devotes to a task is known as labor.
- A.
True
- B.
False
Correct Answer
A. True -
- 17.
Any human-made resource that is used to produce other goods and services.
- A.
Capital
- B.
Shortage
- C.
Land
- D.
Scarcity
Correct Answer
A. Capital -
- 18.
Human-made objects used to create other goods and services are known as
- A.
Land
- B.
Labor
- C.
Physical capital
- D.
Factors
Correct Answer
C. Physical capital -
- 19.
Physical capital includes buildings and tools & can save time and money.
- A.
True
- B.
False
Correct Answer
A. True -
- 20.
Extra time, more knowledge, and more productivity are not results of physical capital.
- A.
True
- B.
False
Correct Answer
B. False -
- 21.
The knowledge and skills a worker gains through education and experience.
- A.
Physical capital
- B.
Human capital
- C.
Labor
- D.
Land
Correct Answer
B. Human capital -
- 22.
Entrepreneurs are ambitious leaders who decide how to combine land labor and capital to create new goods and services.
- A.
True
- B.
False
Correct Answer
A. True -
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
-
Mar 19, 2022Quiz Edited by
ProProfs Editorial Team -
Nov 04, 2009Quiz Created by
Med54123
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