Economics quiz

The study of wealth, production, value and exchange is known as

• political science

• geography

• economics

• behavioral sciences

The woman in this image is a(n)

• producer

• consumer

• entrepreneur

• supplier

Someone who provides a good or a service is called a

• consumer

• entrepreneur

• deducer

• producer

Why does this item cost a lot of money to buy?

• diamonds are costly to mine

• diamonds are in high demand

• diamonds are rare

• all of these are true

If demand is low and supply is high, the price producers will receive for selling their product will likely be

• high

• low

• not affected at all

• too difficult to predict

An example of a service in Merrill is/are

• Bluejay Taxi

• Weinbrenner Shoes

• Lincoln Wood

• all of the farms outside of town

Property with economic value is called

• consumer

• capital

• supply

• wealth

The quality that makes something desirable is

• value

• supply

• capital

• demand

Wealth in the form of money or property:

• investor

• credit

• capital

• demand

Amount of goods consumers want or need:

• supply

• barter

• demand

• producer