Economics Terms Quiz Questions!

10 Questions | Total Attempts: 1240

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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

  • 2. 
    Who combines natural resources, labor, and capital to make a profit?
       
    • A. 

      Middle Men

    • B. 

      Owners

    • C. 

      Entrepreneurs

    • D. 

      Factories

  • 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

  • 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

  • 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

  • 6. 
    Air, Food, Money and Shelter are all needs that we must have to survive. 
    • A. 

      True

    • B. 

      False

  • 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

  • 8. 
    The pratice of exchanging goods and services between people instead of money is know as: 
    • A. 

      Capitalism

    • B. 

      Bartering

    • C. 

      Communism

    • D. 

      Exporting

  • 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

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

      True

    • B. 

      False