Trivia Quiz: Economics Practice Test!

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  • 1/15 Questions

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

    • Wants
    • Needs
    • Services
    • Scarcity
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About This Quiz

Dive into the fundamentals of economics with the Trivia Quiz: Economics Practice Test! This quiz assesses your understanding of basic economic concepts such as needs, wants, goods, services, scarcity, and abundance. Enhance your knowledge and prepare for economic challenges.

Trivia Quiz: Economics Practice Test! - Quiz

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  • 2. 

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

    • Goods

    • Services

    • Scarcity

    • Abundance

    Correct Answer
    A. Services
    Explanation
    Services are activities or tasks performed by people to fulfill the needs and wants of others. They are intangible and cannot be touched or stored. Examples of services include delivering mail, teaching, or serving food. Unlike goods, which are physical products, services are actions or efforts provided by individuals to benefit others.

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  • 3. 

    People save money for: _______________.

    • Houses

    • Education

    • Retirement

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    People save money for various reasons, including purchasing houses, funding education, and preparing for retirement. Saving money allows individuals to achieve their long-term financial goals, such as buying a home, obtaining a higher education, and ensuring a comfortable retirement. By saving for all of these purposes, individuals can secure their future, provide for their families, and have financial stability throughout their lives.

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  • 4. 

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

    • The pizza will taste better

    • The pizza will taste worse

    • More people will buy pizza

    • Fewer people will buy pizza.

    Correct Answer
    A. More people will buy pizza
    Explanation
    If Mr. Byrne lowers the price of the pizza, it is likely that more people will buy pizza. Lowering the price makes the pizza more affordable and attractive to potential customers, thus increasing the demand. This can lead to a higher volume of sales and potentially more revenue for Mr. Byrne.

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  • 5. 

    __________ are things we do not need to survive like Xbox or TV.

    • Wants

    • Needs

    • Scarcity

    • Abundance

    Correct Answer
    A. Wants
    Explanation
    Wants refer to things that are not necessary for our survival, such as Xbox or TV. They are desires or preferences that go beyond our basic needs. In contrast, needs are essential for our survival, like food, water, and shelter. Scarcity refers to a limited availability of resources, while abundance refers to a plentiful supply of resources. Neither scarcity nor abundance specifically refers to things we do not need to survive.

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  • 6. 

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

    • Good grade

    • Choice

    • Mistake

    • Meal

    Correct Answer
    A. Choice
    Explanation
    When we have scarce resources, we are forced to make a choice. This means that because we have limited resources, we have to decide between different options or alternatives. Making a choice becomes necessary in order to prioritize and allocate the scarce resources effectively.

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  • 7. 

    People save money to ________________.

    • Throw it away

    • Buy more important things

    • Hide it from others

    • Count it later

    Correct Answer
    A. Buy more important things
    Explanation
    People save money to buy more important things. Saving money allows individuals to have funds available for larger purchases or investments that are considered more valuable or necessary. By saving, people can afford things like a house, a car, education, healthcare, or even start their own business. Saving money helps individuals achieve their financial goals and secure a better future by having resources for important expenses or emergencies.

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  • 8. 

    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?

    • Raise the price

    • Lower the price

    • Make more shirts

    • Make fewer shirts

    Correct Answer
    A. Lower the price
    Explanation
    Lowering the price of the Saints t-shirts is the best way to sell more of them. When the price is lowered, it becomes more affordable and attractive to potential buyers, increasing the demand for the product. This strategy can help to overcome the issue of very few people buying the shirts and encourage more customers to make a purchase.

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  • 9. 

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

    • Scarcity

    • Abundance

    • Wants

    • Needs

    Correct Answer
    A. Scarcity
    Explanation
    Scarcity refers to the situation where there is a limited amount of a good or service available. This means that the demand for the good or service exceeds the available supply, leading to a scarcity of resources. In such cases, individuals and societies must make choices about how to allocate these limited resources efficiently. Scarcity is a fundamental concept in economics and plays a crucial role in determining prices, production, and consumption patterns.

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  • 10. 

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

    • The pizza will taste better

    • The pizza will taste worse

    • More people will buy it

    • Fewer people will buy it

    Correct Answer
    A. Fewer people will buy it
    Explanation
    If Mr. Byrne raises the price of the pizza, fewer people will buy it. This is because an increase in price usually leads to a decrease in demand. As the price becomes higher, some customers may find the pizza less affordable and choose not to purchase it, resulting in a decrease in the number of people buying it.

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  • 11. 

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

    • Trade

    • Good

    • Service

    • Opportunity cost

    Correct Answer
    A. Opportunity cost
    Explanation
    When you make a choice, you have to give up something else in return. This sacrifice or loss is known as the opportunity cost. It refers to the value of the next best alternative that you forego when making a decision. In other words, it is the cost of the missed opportunity or the benefits you could have gained from choosing the alternative option.

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  • 12. 

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

    • Wants

    • Needs

    • Goods

    • Services

    Correct Answer
    A. Goods
    Explanation
    Goods are physical items that can be touched and purchased such as shoes, food, or electronics. These are tangible products that people buy to fulfill their needs or wants. Services, on the other hand, are intangible and cannot be touched. Therefore, the correct answer is goods.

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  • 13. 

    _________________ is when there is a lot of a good or service.

    • Scarcity

    • Abundance

    • Wants

    • Needs

    Correct Answer
    A. Abundance
    Explanation
    Abundance refers to a situation where there is a large amount or availability of a particular good or service. In this context, it means that there is an excess or surplus of the good or service in question. This is the opposite of scarcity, which refers to a situation where the demand for a good or service exceeds its availability. Abundance implies that there is enough of the good or service to meet the needs and wants of individuals, without any shortage or scarcity.

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  • 14. 

    Which of the following is not a product made in Louisiana?

    • Seafood

    • Soybeans

    • Oil

    • Computers

    Correct Answer
    A. Computers
    Explanation
    Computers are not a product made in Louisiana. Louisiana is known for its seafood industry, as it is located on the Gulf of Mexico and has a rich variety of seafood including shrimp, oysters, and crawfish. Soybeans are also grown in Louisiana, and the state is a major producer of soybean oil. However, computer manufacturing is not a significant industry in Louisiana.

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  • 15. 

    When something is free, your opportunity cost is ______________.

    • $0

    • $5

    • $10

    • Your time

    Correct Answer
    A. Your time
    Explanation
    When something is free, your opportunity cost is your time. This means that even though you are not spending any money on the item or service, you are still giving up the time that could have been used for something else. Time is a valuable resource, and choosing to use it on something free means that you are sacrificing the potential to use that time for other activities or opportunities.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 24, 2010
    Quiz Created by
    Byrnetj
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