SS Economics Quiz

The study of how people use resources and money is ...

• opportunity cost

• budget

• economics

• tax

Which of the economic sectors does everyone belong?

• government

• household

• business

• banking

When Covid-19 began, many stores limited the amount of toilet tissue, lysol, hand sanitizer, and foods a person could buy, why?

• scarcity

• opportunity cost

• surplus

• price

There is no longer a mask mandate, so very few people are buying masks. The cost of masks continue to go down. What is a possible reason for the decrease in cost?

• opportunity cost

• scarcity

• price

• surplus

Explain the concept opportunity cost.

Coke, Nike, and LCSS are really good at providing products and services to their customers. What concept does this demonstrate?

• style

• price

• specialization

• opportunity cost

Economy where people (not government) make the majority of most economic decisions.

• free market

• communism

• budget

• voluntary exchange

A tax paid on goods or services you buy is a _____ ___ , while a tax paid on money that you earn is an income tax .

(a)  

People who risk their own money to start their own business are called ....

• private business

• opportunity cost

• employee

• entrepreneur

Budgets are how we manage the money we earn and spend. How are budgets helpful?