Economics Quiz

What determines the products that are made according to the text?

• The availability of resources

• People's needs and wants

• The amount of money available

• The number of factories

What is bartering?

• A modern way of shopping online

• A form of exchange where goods are traded without money

• A method of saving money in banks

• A way to invest in the stock market

What is an example of a product that might not sell well in Florida according to the text?

• Sunglasses

• Heavy sweaters and winter jackets

• Beach towels

• Sunscreen

What is the main idea of the first paragraph?

• Communities rely on products to be made and exchanged with one another

• Economics is only about making money

• Products are not important for survival

• Companies should not exchange products

What did people start using about 3,000 years ago for exchange?

• Digital currency

• Paper money

• Objects like tools, spears, and salt

• Credit cards

What is the main idea of the second paragraph?

• Products are made randomly

• Products are determined by people's needs and wants

• Products are only made in cold regions

• Products are not important

What is the main idea of the third paragraph?

• Money is the only form of exchange

• Bartering is a form of exchange

• Exchange is not necessary

• Bartering is outdated

What is the main idea of the fourth paragraph?

• People only used digital currency

• People started using objects for exchange

• People stopped trading altogether

• People only traded within their own country

What is the relationship between products and regions according to the text?

• Products are the same in all regions

• Products vary based on regional needs and climate

• Products are only made in factories

• Products are not influenced by location

What is a characteristic of a strong, healthy economy?

• High unemployment

• Limited goods and services

• Many people have access to goods and services

• High inflation