
Economics Quiz
Authored by Jordan Stewart
Social Studies
5th Grade

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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an economy?
A system of saving money
A system of producing, selling, and buying goods and services
A type of government
A method of calculating profit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the study of economies called?
Ecology
Economics
Sociology
Ethnography
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity mean in economics?
Unlimited resources
Enough resources
Not enough resources to meet people's wants
Overabundance of goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true about people's wants and resources?
People's wants are limited and resources are unlimited
People's wants and resources are both unlimited
People's wants are unlimited and resources are limited
People's wants and resources are both limited
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is considered a major incentive for both individuals and businesses?
Loss
Debt
Profit
Expense
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three types of incentives mentioned?
Profit, Saving Money, and Receiving Something Extra
Profit, Loss, and Bonus
Investment, Interest, and Dividends
Salary, Wages, and Commissions
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does economic interdependence mean in the context of international trade?
It means that all countries must use the same currency.
It refers to countries being completely self-sufficient.
It involves countries depending on each other to provide goods and services they do not produce themselves.
It is about countries competing to have the strongest economy.
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