Economics Unit Test! Ultimate Trivia Quiz
(27).jpg "Economics Unit Test! Ultimate Trivia Quiz - Quiz")
Economics, at its base level, is all about consumerism. If there’s something you can produce and distribute to be bought and sold, it contributes towards the economy of the area in which it is taken place, at the highest level and of course at the lowest as well. In the following quiz, we’ll be seeing how much you can tell us about economics! Good luck!
Questions and Answers
- 1.
What are things we do NOT need to survive?
- A.
Needs
- B.
Wants
- C.
Producer
- D.
Services
Correct Answer
B. WantsExplanation
In order to survive, we only need our basic needs such as food, water, shelter, and clothing. Wants, on the other hand, are things that are not essential for our survival but are desired or preferred. While wants may enhance our quality of life, they are not necessary for our basic survival. Therefore, wants are not something we need to survive. The other options, producer and services, are not directly related to the question and do not pertain to the things we need or do not need for survival.Rate this question:
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- 2.
What are the things we DO need to survive?
- A.
Needs
- B.
Wants
- C.
Goods
- D.
Consumer
Correct Answer
A. NeedsExplanation
To survive, we require basic necessities or needs such as food, water, shelter, and clothing. These are essential for our physical well-being and are necessary for our survival and overall health. Wants, goods, and consumerism are not essential for survival but are related to our desires and preferences beyond our basic needs.Rate this question:
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- 3.
What are things we can touch when we buy them?
- A.
Needs
- B.
Abundance
- C.
Goods
- D.
Services
Correct Answer
C. GoodsExplanation
Goods are physical objects that can be touched and bought. When we purchase goods, we are acquiring tangible items that we can physically interact with. This can include items such as clothing, electronics, furniture, and so on. Services, on the other hand, are intangible and cannot be physically touched. Therefore, the correct answer is goods.Rate this question:
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- 4.
What are the things that people do for us?
- A.
Scarcity
- B.
Wants
- C.
Goods
- D.
Services
Correct Answer
D. ServicesExplanation
Services are the activities or tasks performed by individuals or businesses to meet the needs and wants of others. People provide services by using their skills, knowledge, and abilities to perform tasks such as providing healthcare, education, transportation, entertainment, and many others. Services are intangible and cannot be physically touched or stored, but they play a crucial role in satisfying people's wants and needs.Rate this question:
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- 5.
Who are people that Buy goods and services?
- A.
Consumer
- B.
Wants
- C.
Goods
- D.
Services
Correct Answer
A. ConsumerExplanation
The term "consumer" refers to individuals or households who purchase goods and services for their personal use or consumption. Consumers are the end-users of products and services and play a crucial role in driving demand in the market. They are motivated by their wants and needs and make decisions to buy goods and services that satisfy those wants and needs.Rate this question:
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- 6.
Who are businesses that sell goods and services?
- A.
Consumer
- B.
Wants
- C.
Goods
- D.
Producer
Correct Answer
D. ProducerExplanation
Businesses that sell goods and services are referred to as producers. They are responsible for creating or manufacturing products and offering them to consumers in the market. The term "producer" implies that these businesses are involved in the production or creation of goods and services, which are then made available for purchase by consumers.Rate this question:
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- 7.
What means NOT A LOT of something?
- A.
Scarcity
- B.
Wants
- C.
Abundance
- D.
Services
Correct Answer
A. ScarcityExplanation
"Not a lot of something" means that there is a limited or insufficient amount of it. Therefore, the correct answer is "scarcity," as it represents the concept of having a small or inadequate quantity of something.Rate this question:
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- 8.
What means A LOT of something?
- A.
Scarcity
- B.
Needs
- C.
Abundance
- D.
Services
Correct Answer
C. AbundanceExplanation
Abundance means having a large quantity or amount of something. It is the opposite of scarcity, which means a lack or shortage of something. When something is said to be "a lot," it means there is an abundance of it. Therefore, in this context, "abundance" is the correct answer as it best describes having a large quantity or amount of something.Rate this question:
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- 9.
What means when each person is an expert at their job?
- A.
Scarcity
- B.
Specialization
- C.
Interdependence
- D.
Goods
Correct Answer
B. SpecializationExplanation
Specialization means that each person is an expert at their job. This means that individuals focus on a specific area or skill and become highly proficient in it. This allows for increased efficiency and productivity as each person can perform their specialized task more effectively. It also promotes interdependence, as individuals rely on each other's specialized skills to complete a task or produce goods. Specialization is often seen as a key factor in economic growth and development.Rate this question:
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- 10.
What means each expert depends on each other
- A.
Interdependence
- B.
Scarcity
- C.
Specialization
- D.
Needs
Correct Answer
A. InterdependenceExplanation
Interdependence refers to the mutual reliance and dependence that experts have on each other. In a situation where each expert relies on the knowledge, skills, or resources of another expert, interdependence is necessary for their collective success. This concept emphasizes the importance of collaboration and cooperation among experts to achieve common goals. It implies that no expert can function effectively in isolation, highlighting the need for interconnectivity and interrelationships among them.Rate this question:
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- 11.
If the price of pizza went up from $1 to $100, would more or fewer producers want to sell pizza?
- A.
More
- B.
Fewer
Correct Answer
A. MoreExplanation
If the price of pizza increases from $1 to $100, more producers would want to sell pizza. This is because a higher price would incentivize producers to enter the market and take advantage of the increased profitability. With the potential for higher profits, more producers would be attracted to the pizza industry, resulting in an increase in the number of producers wanting to sell pizza.Rate this question:
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- 12.
If the price of pizza went down from $100 to $1, would more or fewer producers want to sell pizza.
- A.
More
- B.
Fewer
Correct Answer
B. FewerExplanation
If the price of pizza significantly decreases from $100 to $1, fewer producers would want to sell pizza. This is because the lower price would result in lower profit margins for producers, making it less attractive for them to invest in pizza production. Additionally, the decreased price may indicate a decrease in demand, further discouraging producers from entering the market. Therefore, the lower price would likely lead to fewer producers wanting to sell pizza.Rate this question:
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- 13.
Who is the producer of a computer game?
- A.
Computer
- B.
Software company
- C.
TV
- D.
Students
Correct Answer
B. Software companyExplanation
A computer game is produced by a software company. Software companies specialize in creating and developing computer programs, including computer games. They have the necessary expertise, resources, and technology to design, code, and produce high-quality games for various platforms. These companies employ professionals who are skilled in game development, programming, graphic design, and sound engineering to ensure the successful production of computer games.Rate this question:
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- 14.
Mr. Byrne is at the grocery store trying to pick out a bag of cookies. Which factor would be LEAST useful in helping him decide?
- A.
The color of each bag
- B.
The price of each bag
- C.
The number of cookies in each bag
- D.
The flavor of the cookies in each bag
Correct Answer
A. The color of each bagExplanation
The color of each bag would be the least useful factor in helping Mr. Byrne decide which bag of cookies to pick. The color of the bag does not affect the taste or quality of the cookies inside. Factors such as the price, number of cookies, and flavor are more relevant in making a decision about which bag to choose.Rate this question:
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- 15.
Mr. Byrne is at the grocery store trying to pick out a bag of chips. Which factor would be LEAST useful in helping him decide?
- A.
The price of each bag
- B.
The number of chips in each bag
- C.
The color of each bag
- D.
The flavor of the chips
Correct Answer
C. The color of each bagExplanation
The color of each bag would be the least useful factor in helping Mr. Byrne decide which bag of chips to pick. The color of the bag does not affect the taste or quality of the chips, so it does not provide any relevant information in making a decision. The price of each bag, the number of chips in each bag, and the flavor of the chips are all factors that can influence Mr. Byrne's decision as they directly relate to the value and taste of the chips.Rate this question:
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- 16.
Building bridges is a __________ resource.
- A.
Natural
- B.
Human
- C.
Capital
Correct Answer
B. HumanExplanation
Building bridges requires the involvement of human labor, skills, and expertise. It is a task that cannot be accomplished without the active participation of human beings. Therefore, building bridges is a human resource.Rate this question:
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- 17.
A bank is a _______________ resource.
- A.
Natural
- B.
Human
- C.
Capital
Correct Answer
C. CapitalExplanation
A bank is considered a capital resource because it is an institution that provides financial services and facilitates the flow of money in an economy. Banks play a crucial role in allocating capital by providing loans and credit to individuals, businesses, and governments. They also mobilize savings and facilitate investments, which contribute to economic growth and development. Therefore, the term "capital" accurately describes the role and function of a bank in the financial system.Rate this question:
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- 18.
Trees are a __________ resource.
- A.
Natural
- B.
Human
- C.
Capital
Correct Answer
A. NaturalExplanation
Trees are considered a natural resource because they are naturally occurring and provide numerous benefits to the environment and human society. They play a crucial role in maintaining the balance of ecosystems, as they absorb carbon dioxide, produce oxygen, provide habitats for wildlife, and prevent soil erosion. Additionally, trees are a valuable source of timber, fuelwood, and various other forest products that are essential for human needs. Therefore, the correct answer is "natural."Rate this question:
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- 19.
Which of the following DOES NOT participate in the economy.
- A.
Businesses
- B.
Animals
- C.
Households
- D.
Governments
Correct Answer
B. AnimalsExplanation
Animals do not participate in the economy because they do not engage in economic activities such as production, consumption, or trade. While animals may indirectly impact the economy through industries like agriculture or tourism, they do not actively contribute to economic transactions or decision-making. Therefore, animals are not considered as participants in the economy.Rate this question:
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- 20.
Businesses are important to the community because they ____________________.
- A.
Supply goods and services for people to buy
- B.
They give places for people to work
- C.
A and B
- D.
None of the above
Correct Answer
C. A and BExplanation
Businesses are important to the community because they supply goods and services for people to buy and they also provide places for people to work. By offering a variety of products and services, businesses meet the needs and desires of the community members. Additionally, businesses create job opportunities, which help to reduce unemployment rates and improve the overall economic well-being of the community. Therefore, both options A and B are correct as they highlight the significant contributions that businesses make to the community.Rate this question:
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- 21.
Which products most likely belong in the missing section of this graph above?
- A.
Oranges and bananas
- B.
Computers and printers
- C.
Clothing and shoes
- D.
Fish, shrimp and other seafood
Correct Answer
D. Fish, shrimp and other seafoodExplanation
The missing section of the graph most likely represents a category related to food or groceries, as the other options are all related to different types of products (electronics, clothing, and fruits). Among the given options, "fish, shrimp and other seafood" is the only one that fits this category, making it the most likely choice for the missing section of the graph.Rate this question:
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- 22.
Which is the biggest part of the economy?
- A.
Sugar, rice, and cotton
- B.
Tourism
- C.
Oil, gas, and minerals
- D.
Oranges and bananas
Correct Answer
C. Oil, gas, and mineralsExplanation
The correct answer is oil, gas, and minerals. Oil, gas, and minerals are considered the biggest part of the economy because they are valuable natural resources that are essential for various industries and sectors. These resources are used for energy production, manufacturing, and infrastructure development. They also contribute significantly to a country's export earnings and overall economic growth.Rate this question:
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- 23.
Ms. Marcel's class is having a bake sale, and very few people are buying cupcakes. Which is the best way for the class to sell more cupcakes?
- A.
Raise the price
- B.
Lower the price
- C.
Make more cupcakes
- D.
Eat the extra cupcakes
Correct Answer
B. Lower the priceExplanation
Lowering the price would be the best way for the class to sell more cupcakes. When the price is lowered, it becomes more affordable and attractive to potential buyers. This can encourage more people to purchase the cupcakes, increasing sales and overall participation in the bake sale.Rate this question:
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- 24.
Ms. Marcel's class is having a bake sale. What would happen if she raise the price of cupcakes?
- A.
More people would buy them
- B.
Fewer people would buy them
- C.
The same number of people would buy them
- D.
Nothing would change
Correct Answer
B. Fewer people would buy themExplanation
If Ms. Marcel raises the price of cupcakes, it is likely that fewer people would buy them. This is because an increase in price usually leads to a decrease in demand. People may be less willing to pay a higher price for cupcakes, resulting in a decrease in the number of purchases.Rate this question:
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