Trivia Quiz: Economics Practice Test!
15 Questions
| Total Attempts: 295
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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
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