Economics Quiz

What is the study of how people produce, distribute, and consume things to meet their needs and wants called?

• Geography

• History

• Economics

• Civics

What term describes the situation when there is not enough of something to meet people's wants or needs?

• Abundance

• Scarcity

• Wealth

• Surplus

What does the term 'import' mean?

• To export goods

• To manufacture products

• To bring in goods from another country

• To sell goods locally

What are services in the context of economics?

• Physical goods

• Investments

• Work that people do for others

• Government regulations

What is a tariff?

• A type of trade agreement

• A government subsidy

• A business license

• Taxes placed on imports

Who is an entrepreneur?

• A government official

• Someone who starts and develops a business

• A factory worker

• A stock market analyst

What does interdependence mean in economic terms?

• Operating independently

• To depend or rely on one another

• Financial independence

• Lack of trade barriers

Shells and beads were used as early forms of what before the use of bills and coins?

• Currency

• Trade

• Goods

• Supply

Exchanging money has made what easier than it was in the past?

• Trade

• Demand

• Supply

• Export

When a company has a large amount of people willing to buy their product, there is high what?

• Demand

• Supply

• Trade

• Industry