Basics of Economics Quiz Review

Basics of Economics Quiz Review

9th - 12th Grade

20 Qs

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Basics of Economics Quiz Review

Basics of Economics Quiz Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Christopher Owens

Used 120+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Economics?

The study of how people make money

The study of how people spend money

The study of how people satisfy their wants and needs

The study of how governments work to reduce scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between goods and services?

Goods are tangible products while services are intangible products

Goods are intangible products while services are tangible products

Goods and services are the same thing

None of these

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between wants and needs?

Wants are necessary for survival while needs are not

Needs are necessary for survival while wants are not

Wants and needs are the same thing

None of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Scarcity?

The absence of resources to meet to the unlimited wants and needs

A perfect balance of resources to meet a balance of wants and needs

An unlimited amount of resources to meet limited wants and needs

A limited amount of resources to meet unlimited wants and needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do we have scarcity?

Because we do not have enough resources to satisfy all of our wants and needs

Because resources are unlimited

Because we have too many resources

None of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the 3 causes of scarcity?

Poor Distribution of Resources

Increase in Taxation Rates

Rapid Increase in Demand

Personal Perspective

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the 3 solutions to scarcity?

Creating more resources

Making better use of our resources

Doing without something

Hoarding resources in a shortage

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