Economics Quiz

What is the difference between goods and services?

• Goods are items producers make and consumers buy, while services are something someone does for someone else?

• Goods are something someone does for someone else, while services are items producers make and consumers buy.

• Goods are baked treats you sell at a bake sale, and services are places you go.

• Goods are places you go, and services are baked treats you sell at a bake sale.

What is economics?

• People who buy goods and services

• People who provide goods or services

• Having a very small supply or not having enough of something

• The study of how money, goods and services are made and used in a society.

Which of the following is an example of how people can trade goods and services?

• Mrs. Richardson sells her parrots to other people who need them.

• Ms. Litz barters with Mrs. Kindberg to get her haircut.

• Mrs. Whitaker goes to the grocery store to buy food.

• Mr. Holtry goes to a restaurant, orders dinner and pays with his credit card.

What is the relationship between consumers and producers?

• Producers are people who stock the produce at grocery stores, and consumers eat the produce.

• Consumers are people who stock the produce at grocery stores, and producers eat the produce.

• Producers buy goods or services, and consumers provide services or make things to sell.

• Consumers buy goods or services, and producers provide services or make things to sell.

Which one is true?

• Money can be traded for a credit card.

• Money is a good or service people can buy.

• People have agreed that paper money and coins have a certain value and worth.

• People have agreed that money has no worth, and it cannot be used.

Which of the following is an example of bartering?

• A farmer selling his chicken eggs at a local market

• A farmer trading his chicken eggs for some wheat

• A farmer buying new chickens for his farm

• A farmer buying new chickens and then selling their eggs

How can water be scarce?

• When rivers are flooded

• When a person is hiking in the desert and has only a bottle of water

• When a person buys drinking water at the store and the shelves are full

• Both A and C

Salt used to be valuable. Why?

• Salt was found in the ocean and was very plentiful.

• Salt was hard to find, but it was used by many people to flavor their food.

• Salt was easy to find, but it was not used by very many people.

• Salt had no value.