Trivia Quiz: Economics Practice Test!

Needs refer to the essential things required for survival, such as food, clothing, and shelter. They are necessary for sustaining life and meeting basic human requirements. Wants, on the other hand, are desires or preferences that are not essential for survival. Services are activities provided by others to fulfill specific needs or wants. Scarcity refers to the limited availability of resources relative to unlimited wants and needs.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.