Trivia Quiz: Economics Practice Test!

15 Questions | Total Attempts: 295

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Trivia Quiz: Economics Practice Test!

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Questions and Answers
  • 1. 
    __________ are things we do not need to survive like Xbox or TV.
    • A. 

      Wants

    • B. 

      Needs

    • C. 

      Scarcity

    • D. 

      Abundance

  • 2. 
    _______________ are things we need to survive like food, clothing, and shelter.
    • A. 

      Wants

    • B. 

      Needs

    • C. 

      Services

    • D. 

      Scarcity

  • 3. 
    _____________ are things we can touch when we buy them like shoes, food, or electronics.
    • A. 

      Wants

    • B. 

      Needs

    • C. 

      Goods

    • D. 

      Services

  • 4. 
    __________________ are things people do for us like deliver mail, teach, or serve food.
    • A. 

      Goods

    • B. 

      Services

    • C. 

      Scarcity

    • D. 

      Abundance

  • 5. 
    ______________ is when there is a limited amount of a good or service.
    • A. 

      Scarcity

    • B. 

      Abundance

    • C. 

      Wants

    • D. 

      Needs

  • 6. 
    _________________ is when there is a lot of a good or service.
    • A. 

      Scarcity

    • B. 

      Abundance

    • C. 

      Wants

    • D. 

      Needs

  • 7. 
    When we have scarce resources, we are a force to make a _________.
    • A. 

      Good grade

    • B. 

      Choice

    • C. 

      Mistake

    • D. 

      Meal

  • 8. 
    What you give up when you make a choice is called _________________.
    • A. 

      Trade

    • B. 

      Good

    • C. 

      Service

    • D. 

      Opportunity cost

  • 9. 
    People save money to ________________.
    • A. 

      Throw it away

    • B. 

      Buy more important things

    • C. 

      Hide it from others

    • D. 

      Count it later

  • 10. 
    People save money for: _______________.
    • A. 

      Houses

    • B. 

      Education

    • C. 

      Retirement

    • D. 

      All of the above

  • 11. 
    When something is free, your opportunity cost is ______________.
    • A. 

      $0

    • B. 

      $5

    • C. 

      $10

    • D. 

      Your time

  • 12. 
    Which of the following is not a product made in Louisiana?
    • A. 

      Seafood

    • B. 

      Soybeans

    • C. 

      Oil

    • D. 

      Computers

  • 13. 
    Mr. Byrne is selling Saints t-shirts and very few people are buying them.  What is the best way to sell more Saints t-shirts?
    • A. 

      Raise the price

    • B. 

      Lower the price

    • C. 

      Make more shirts

    • D. 

      Make fewer shirts

  • 14. 
    Mr. Byrne sells pizza for $2 per slice. What will most likely happen if Mr. Byrne lowers the price?
    • A. 

      The pizza will taste better

    • B. 

      The pizza will taste worse

    • C. 

      More people will buy pizza

    • D. 

      Fewer people will buy pizza.

  • 15. 
    Mr. Byrne sells pizza for $2 per slice. What will happen if Mr. Byrne raises the price?
    • A. 

      The pizza will taste better

    • B. 

      The pizza will taste worse

    • C. 

      More people will buy it

    • D. 

      Fewer people will buy it