Economics Quiz

What is the study of how people seek to satisfy their needs and wants by making choices called?

• Sociology

• Psychology

• Economics

• Anthropology

Which of the following is NOT one of the three groups mentioned in the study of economics?

• Individuals

• Businesses

• Governments

• Non-profits

Which of the following groups is included in the study of economics?

• Individuals

• Animals

• Plants

• Minerals

What is the economic problem of scarcity?

• Having limited human wants in a world of unlimited resources.

• Having seemingly unlimited human wants in a world of limited resources.

• Having unlimited human wants in a world of unlimited resources.

• Having limited human wants in a world of limited resources.

According to Thomas Sowell, what is the first lesson of economics?

• There is always enough of anything to satisfy all those who want it.

• There is never enough of anything to satisfy all those who want it.

• Resources are always abundant.

• Human wants are always limited.

What is the first lesson of politics according to Thomas Sowell?

• To understand the first lesson of economics.

• To disregard the first lesson of economics.

• To ensure resources are distributed equally.

• To satisfy all human wants.

What is a significant issue for one billion people according to the image?

• Lack of food.

• Lack of education.

• Lack of safe water.

• Lack of shelter.

What is a shortage in a market?

• When the supply for a product or service exceeds its demand.

• When the demand for a product or service exceeds its supply.

• When the supply and demand for a product or service are equal.

• When producers offer goods or services at lower prices.

When does a shortage occur?

• When producers offer goods or services at higher prices.

• When producers will not or cannot offer goods or services at the current prices.

• When consumers refuse to buy goods or services.

• When there is an excess supply of goods or services.

Which of the following is considered a natural resource used to produce goods and services?

• Labor

• Capital

• Land

• Money