
Economics Basics Test
Authored by Jessica Myer
Social Studies, Business, Other
3rd - 11th Grade
Used 1+ times

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24 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these is NOT an economic need?
food
shelter
love
clothing
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a profit?
money left after paying expenses
money made from sales
money a business has lost
money used to pay expenses
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these is NOT an example of a good?
trucks
houses
auto repair
computers
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Scarcity occurs when everyone has enough resources to meet their needs and wants.
True
False
Sometimes true
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The main goal of every business is to
produce quality goods.
make money.
produce a large amount of goods.
ensure their customers are satisfied.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
All of the following are examples of natural resources EXCEPT
land.
water.
gold.
paper.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is another term for barter?
trade
produce
dig
pay
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