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Basic Economics Quiz

Authored by Michael Oestreicher

Social Studies

12th Grade

Used 22+ times

Basic Economics Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The definition of a need is: Something that is essential for life and ________ to __________.

necessary, survive

essential, life

necessary, essential

essential, survive

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A want is: Something that makes life more happy and _________ but not _________ to survive.

necessary, comfortable

essential, necessary

happy, comfortable

comfortable, necessary

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which one of these items is a need and why?

DVD's: to entertain you when you get bored

a pool: to keep you cool and so you can relax

a million dollars: so you can be rich and possibly famous

a doctor: to provide medical help when needed

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which one of these items is a want and why?

hand soap: you want clean hands

carrots: you want nutrients in your diet

cake: you want a dessert every now and then

apartment: you want a place to live

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Who is considered the "father" of economics?

Patrick Mahomes

Alexander Graham Bell

Karl Marx

Adam Smith

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Why do all societies have to make decisions about how resources will be used?

People are greedy

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

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