Economics Quiz

What is the amount of money you need to pay to get something called?

• Majority Rule

• Price

• Force

• Saving

What is it called when the most people vote for something, and that choice wins?

• Contests

• Lottery

• Majority Rule

• Sharing

What is a competition where the winner gets a prize called?

• Contests

• Force

• Barter/Trade

• Scarcity

What is taking something without permission or without earning it called?

• Sharing

• Force

• Saving

• Opportunity Cost

What is letting others use or have part of something instead of keeping it all to yourself called?

• Lottery

• Personal Characteristics

• Sharing

• Scarcity

What is a way to pick a winner by chance, like drawing names from a hat called?

• First-Come, First-Served

• Lottery

• Contests

• Barter/Trade

What is it called when the first person to arrive gets the item or service until it runs out?

• First-Come, First-Served

• Personal Characteristics

• Scarcity

• Opportunity Cost

What is it called when only people who have special qualities or meet certain rules get something?

• Barter/Trade

• Personal Characteristics

• Contests

• Force

What is swapping or exchanging things without using money called?

• Scarcity

• Saving

• Barter/Trade

• Price

What is it called when there isn't enough of something for everyone who wants it?

• Scarcity

• Opportunity Cost

• Force

• Sharing