Economics Quiz

What is a natural resource?

• A service provided by companies

• Something found in nature that can be used by people

• A type of medicine or healthcare product

• A video game or movie

What is the opportunity cost?

• The cost of goods and services

• The cost of needs and wants

• What you give up when making a decision

• The cost of starting a business

Which of the following is a need?

• Name-brand clothes

• Toys

• Air

• iPhone

What are goods?

• Things people do for us

• Things you must have to survive

• Things produced by companies that people can buy

• Things you would like to have but can live without

Why is competition between companies good?

• It increases the prices of goods

• It decreases the quality of services

• It keeps prices lower

• It reduces the options of where to spend money

Who was the 26th President of the US known for his conservation efforts?

• Franklin D. Roosevelt

• Theodore Roosevelt

• Abraham Lincoln

• George Washington

What is an Ornithologist?

• Someone who studies insects

• Someone who loves and studies birds

• Someone who studies mammals

• Someone who studies reptiles

What does the term "Rookery" refer to?

• A type of bird

• A conservation program

• A place where groups of birds nest, breed, and raise their young

• A bird sanctuary

What was one of the main characteristics of the Industrial Revolution?

• Slower production processes

• Decrease in urban population

• New inventions that made life faster, better, and easier

• More time for families to spend together

According to the chart, on which day did Bob spend the most money for his snowball stand?

• Monday

• Tuesday

• Wednesday

• Friday