Economics Basics Test

Which of these is NOT an economic need?

• food

• shelter

• love

• clothing

What is a profit?

• money left after paying expenses

• money made from sales

• money a business has lost

• money used to pay expenses

Which of these is NOT an example of a good?

• trucks

• houses

• auto repair

• computers

Scarcity occurs when everyone has enough resources to meet their needs and wants.

• True

• False

• Sometimes true

The main goal of every business is to

• produce quality goods.

• make money.

• produce a large amount of goods.

• ensure their customers are satisfied.

All of the following are examples of natural resources EXCEPT

• land.

• water.

• gold.

• paper.

What is another term for barter?

• trade

• produce

• dig

• pay

The value of all possessions a person or country has is called

• economy

• money

• wealth

• power

As the price of a good/service goes up, consumers are less willing to buy it.

• True

• False

Which of the following is NOT an example of capital?

• assembly line worker

• delivery truck

• office supplies

• factory building