Grade 9 Economics Quiz

What is the best definition of economics?

• The study of natural sciences

• The study of money only

• The study of how people use limited resources to satisfy unlimited wants

• The study of how to make profits in business

Which of the following best describes scarcity?

• Resources are endless

• There are too many jobs

• Resources are limited but wants are unlimited

• People don't have needs

Why is economics considered a social science?

• It studies planets and ecosystems

• It explains biological life

• It examines human behavior in relation to resource use

• It talks about history

What is opportunity cost?

• The money you lose in business

• The time spent on studying

• The next best alternative that is given up when making a decision

• A financial cost of producing goods

A trade-off is best defined as:

• Giving up all wants

• Losing all choices

• Choosing one option over another

• Buying everything you want

Microeconomics focuses on:

• The entire economy

• One country's government policies

• Individual decision-making units

• International trade

Which of the following is NOT a tool used in economics?

• Graphs

• Scientific experiments

• Cost-benefit analysis

• Statistics

Which discipline helps economics understand government policies?

• Chemistry

• Political Science

• Engineering

• Astronomy

Maria has ₱100. She can buy either a book or a new pouch. She buys the book. What is her opportunity cost?

• The book she bought

• The ₱100 she used

• The new pouch she didn’t buy

• The time spent choosing

You decide to study for a test instead of going out with friends. This is an example of:

• Poor time management

• Scarcity

• A trade-off

• Economic failure