Trivia Quiz: Can You ACE This Economics Test?

14 Questions | Total Attempts: 131

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Trivia Quiz: Can You ACE This Economics Test?

Economics affects everyone’s lives. Learning about economics can help you understand the news and make better financial decisions. With this quiz, you must master complex word economics problems, what a consumer is, how equilibrium occurs, and an example of a service. Can you ace this economics test? This quiz is top-notch. It would be best if you gave it a try. This quiz may be able to help you learn everything you need to learn about economics.


Questions and Answers
  • 1. 
    A grocery store has 30 boxes of Cheerios on the shelf.  They sell all the boxes, so some customers do not get to purchase Cheerios. This is an example of:
  • 2. 
    What is the study of how we satisfy our wants and needs with the limited resources that we have?
  • 3. 
    Basic things to survive, such as food, clothing and shelter, are considered to be
    • A. 

      Wants

    • B. 

      Goods

    • C. 

      Needs

    • D. 

      Services

  • 4. 
    An example of a want would be:
    • A. 

      Cell phone

    • B. 

      A hamburger

    • C. 

      Pair of jeans

    • D. 

      Apartment

  • 5. 
    You and a friend go to Cracker Barrell for breakfast.  Your server brings your food and drinks and makes sure that you are satisfied with your meal.  The server is considered to be which part of the factors of production.
  • 6. 
    The people in an economy that purchase goods and services such as groceries and haircuts are considered to be:
    • A. 

      Voters

    • B. 

      Citizens

    • C. 

      Consumers

    • D. 

      Happy

  • 7. 
    The people that live in the United States and the people that live in Canada are examples of being a:
  • 8. 
    A manufacturer of automobiles has a factory that produces 100 cars per day.  The building and the machines that produce cars are which part of the factors of production?
  • 9. 
    The owner of a landscape business grows and sells his own flowers, trees, and shrubs. These plants are considered to be which part of the factors of production?
  • 10. 
    A physical thing that you can purchase, such as a computer, is called a
    • A. 

      Capital

    • B. 

      Service

    • C. 

      Need

    • D. 

      Good

  • 11. 
    Paying someone to give you piano lessons every Wednesday is an example of a
    • A. 

      Good

    • B. 

      Service

    • C. 

      Want

    • D. 

      Favor

  • 12. 
    A manufacturer has 500 boxes of shoes in his warehouse that are ready to be shipped to stores. What is the term for this?
  • 13. 
    Customers that shop at Walmart desire to buy a lot of toys during the holiday season. They are willing to purchase many types of toys.  What term describes the number of goods that these customers are willing to purchase?
  • 14. 
    Equilibrium happens when
    • A. 

      There is no supply

    • B. 

      The demand is higher than the supply

    • C. 

      Supply is higher than the demand

    • D. 

      Supply equals demand

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