Economics Quiz

What is the study of economics concerned with?

• The study of historical events and their impact on society

• The study of political systems and government policies

• The study of the manufacture, distribution, sale, and use of goods and services

• The study of human behavior and mental processes

What is a consumer?

• Someone who uses goods or services

• Someone who sells goods or services

• Someone who manufactures goods

• Someone who inspects goods or services

What does "credit" refer to in financial terms?

• A) A system where goods or services are paid for in advance

• B) The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future

• C) A record of a borrower's responsible repayment of debts

• D) The total amount of money that a country's government has borrowed

What does the term "Debt" refer to?

• Financial advice

• Money owed

• Savings account

• Investment strategy

What is production?

• The process of consuming goods and services.

• The process of making or manufacturing goods and products using inputs like land, labor, and capital to produce outputs.

• The process of marketing and selling goods and products.

• The process of planning and designing goods and products.

What does "Demand" refer to in economic terms?

• The amount of goods and services a government provides

• The quantity of goods and services people want and are able and willing to buy at a given price

• The total amount of goods and services available in the market

• The cost of producing goods and services

What does the term "Supply" refer to in economic terms?

• The demand for a specific good or service by consumers.

• The total amount of a specific good or service that is available to consumers.

• The price of a specific good or service.

• The storage capacity for goods and services.

What happens to the price when demand falls and supply rises?

• Price rises

• Price stays the same

• Price falls

• There is no effect on the price

What happens to the price when demand rises and supply falls?

• Price falls

• Price stays the same

• Price rises

• There is no effect on the price

What are goods?

• Services that cannot be seen or touched

• Materials that are produced for people to buy or things that can be seen and touched

• Ideas and concepts that people can buy

• Digital products that are downloaded online