Economics Terms Quiz Questions!

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Economics Quizzes & Trivia

In the following quiz we’re going to take a look at the social science we know as economics, the study by which we are able to look at the production, distribution, and consumption of goods and services on a small scale and on a larger one. What do you know about how economies work and how economic agents behave and interact? Answer the questions and we’ll find out!


Questions and Answers
  • 1. 

    _____________ is a something we need to survive. 

    • A.

      Want

    • B.

      Need

    • C.

      Choice

    • D.

      Supply

    Correct Answer
    B. Need
    Explanation
    Need refers to something that is essential for our survival. It is a basic requirement that we cannot live without.

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  • 2. 

    Who combines natural resources, labor, and capital to make a profit?
       

    • A.

      Middle Men

    • B.

      Owners

    • C.

      Entrepreneurs

    • D.

      Factories

    Correct Answer
    C. Entrepreneurs
    Explanation
    Entrepreneurs combine natural resources, labor, and capital to make a profit. They are individuals who take risks and start new businesses or ventures. They identify opportunities in the market, assemble the necessary resources, and manage the operations to generate profits. Entrepreneurs play a crucial role in the economy by creating jobs, driving innovation, and contributing to economic growth. They are distinct from owners, who may not actively participate in the management of the business, and middlemen, who primarily facilitate transactions between buyers and sellers. Factories, on the other hand, are physical locations where goods are produced, but they do not necessarily involve the combination of resources for profit-making.

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  • 3. 

    If a person was lost in the desert with no water thet water is in ______________.

    • A.

      In demand

    • B.

      In Surplus

    • C.

      Not needed

    • D.

      Plentiful

    Correct Answer
    A. In demand
    Explanation
    The correct answer is "In demand" because if a person is lost in the desert with no water, it means that they are in need of water. Therefore, water would be in demand for that person in order to survive.

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  • 4. 

    Uncle Tom has lost his job and is looking for work.  He can't find a job.  Uncle Tom is _______________________ 

    • A.

      Lost

    • B.

      Starving

    • C.

      Unemployed

    • D.

      A hard worker

    Correct Answer
    C. Unemployed
    Explanation
    Uncle Tom is unemployed because he has lost his job and is currently looking for work. Being unemployed means that a person does not have a job or is without work.

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  • 5. 

    In order to raise money the United States has decided to tax all good from China.  This tax is known as a 

    • A.

      Tariff

    • B.

      Income Tax

    • C.

      Payroll Tax

    • D.

      FICA

    Correct Answer
    A. Tariff
    Explanation
    The correct answer is Tariff. A tariff is a tax imposed on goods imported from another country. In this case, the United States has decided to tax all goods from China in order to raise money. This tax is known as a tariff.

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  • 6. 

    Air, Food, Money and Shelter are all needs that we must have to survive. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Air is a basic need for survival as we need oxygen to breathe. Food is also essential for providing the necessary nutrients and energy for our bodies. Money, on the other hand, is not a basic need for survival but rather a means of acquiring goods and services. Shelter is important for protection and comfort, but it is not a fundamental requirement for survival. Therefore, the statement that Air, Food, Money, and Shelter are all needs for survival is false.

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  • 7. 

     Which of the following are the three Factors of Production needed to produce goods and services?

    • A.

      Natural Resources, Consumption, Capital

    • B.

      Consumption, Human Resource (Labor), Economy

    • C.

      Natural Resources, Human Resource (Labor), Capital

    • D.

      Human Resource (Labor), Capital, Money

    Correct Answer
    C. Natural Resources, Human Resource (Labor), Capital
    Explanation
    The three factors of production needed to produce goods and services are natural resources, human resources (labor), and capital. Natural resources refer to the materials and substances found in nature that are used in production, such as land, water, and minerals. Human resources, or labor, refer to the physical and mental effort contributed by individuals to the production process. Capital refers to the financial resources and physical assets, such as machinery and equipment, used in production.

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  • 8. 

    The pratice of exchanging goods and services between people instead of money is know as: 

    • A.

      Capitalism

    • B.

      Bartering

    • C.

      Communism

    • D.

      Exporting

    Correct Answer
    B. Bartering
    Explanation
    Bartering refers to the practice of exchanging goods and services between people without the use of money. It is an ancient form of trade that predates the use of currency. In a barter system, individuals directly exchange goods and services with each other, based on their needs and wants. This system allows for the direct exchange of goods without the need for a medium of exchange like money.

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  • 9. 

    America owes China billions of dollars.  America imports more goods from China than it exports.  Because of this America has a large_______________________ 

    • A.

      Trade Deficit

    • B.

      Tariff

    • C.

      Tax

    • D.

      Surplus

    Correct Answer
    A. Trade Deficit
    Explanation
    The given correct answer for this question is "Trade Deficit". This is because when a country imports more goods from another country than it exports, it creates a trade deficit. In this case, America owes China billions of dollars, indicating that it imports more goods from China than it exports, resulting in a trade deficit.

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  • 10. 

    America signed the Delcaration of Independence on July 10th, 1776. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The given statement is false because America signed the Declaration of Independence on July 4th, 1776, not July 10th.

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