Economics Quiz

What is the definition of a need?

• something you would like to have

• something you have to have to live

• when the item that you want is hard to find

• the amount of people who want to purchase an item

Products shipped from the United States to other countries around the world are called

• imports

• exports

• services

• needs

What is the definition of a want?

• the good things about a choice

• the amount of item that a store has in stock

• what you must pay for an item

• something you would like to have

Which of the following is an example of a natural resource?

• a computer

• a police officer

• sewing machine

• cotton

Which of the following is an example of a capital resources?

• sewing machine

• police officer

• cotton

• trees

What is the definition of scarcity?

• the good things about a choice

• what you must pay for an item

• when the item you want is hard to find

• an extra reason to purchase something

If bananas are scarce this time of year, which statement would be true?

• the supply of bananas is low

• the demand for bananas is low

• the stores have too many bananas

• the supply of bananas is high

What is the definition of supply?

• the amount of people who want to purchase an item

• the good things about a choice

• something you would like to have

• the amount of an item a store has in stock

Billy was trying to make a choice between a new game for his Wii or a new skateboard. He decided to use his money to buy a new game for his Wii. He had to give up the skateboard for the Wii game. The skateboard was his

• scarcity

• benefit

• opportunity cost

What is the definition of demand?

• the amount of people who want to purchase and item

• the amount of an item a store has in stock

• an extra reason to purchase something

• the good things about a choice