Economics Unit Test

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Economics Unit Test

Economics, at its base level, is all about consumerism. If there’s something you can produce and distribute in order 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

  • 2. 
    What are things we DO need to survive?
    • A. 

      Needs

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Consumer

  • 3. 
    What are things we can touch when we buy them?
    • A. 

      Needs

    • B. 

      Abundance

    • C. 

      Goods

    • D. 

      Services

  • 4. 
    What are things that people do for us?
    • A. 

      Scarcity

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Services

  • 5. 
    Who are people that BUY goods and services
    • A. 

      Consumer

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Services

  • 6. 
    Who are businesses that SELL goods and services?
    • A. 

      Consumer

    • B. 

      Wants

    • C. 

      Goods

    • D. 

      Producer

  • 7. 
    What means NOT A LOT of something?
    • A. 

      Scarcity

    • B. 

      Wants

    • C. 

      Abundance

    • D. 

      Services

  • 8. 
    What means A LOT of something?
    • A. 

      Scarcity

    • B. 

      Needs

    • C. 

      Abundance

    • D. 

      Services

  • 9. 
    What means when each person is an expert at their job?
    • A. 

      Scarcity

    • B. 

      Specialization

    • C. 

      Interdependence

    • D. 

      Goods

  • 10. 
    What means each expert depends on each other
    • A. 

      Interdependence

    • B. 

      Scarcity

    • C. 

      Specialization

    • D. 

      Needs

  • 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

  • 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

  • 13. 
    Who is the producer of a computer game?
    • A. 

      Computer

    • B. 

      Software company

    • C. 

      TV

    • D. 

      Students

  • 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

  • 15. 
    • 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

  • 16. 
    Building bridges is a __________ resource.
    • A. 

      Natural

    • B. 

      Human

    • C. 

      Capital

  • 17. 
    A bank is a _______________ resource.
    • A. 

      Natural

    • B. 

      Human

    • C. 

      Capital

  • 18. 
    Trees are a __________ resource.
    • A. 

      Natural

    • B. 

      Human

    • C. 

      Capital

  • 19. 
    Which of the following DOES NOT participate in the economy
    • A. 

      Businesses

    • B. 

      Animals

    • C. 

      Households

    • D. 

      Governments

  • 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

  • 21. 
    • A. 

      Oranges and bananas

    • B. 

      Computers and printers

    • C. 

      Clothing and shoes

    • D. 

      Fish, shrimp and other seafood

  • 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

  • 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

  • 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