Economics Quiz

Which of the following is an example of a need?

• New smartphone

• Designer clothes

• Water

• Concert tickets

What is the study of choices that people make to satisfy their wants and needs?

• Biology

• Economics

• Sociology

• Psychology

If you choose to buy a book instead of going to the movies, the movie ticket represents your:

• Opportunity cost

• Scarcity

• Demand

• Need

What is the main cause of scarcity?

• Limited wants and needs

• Limited resources and unlimited wants

• Unlimited resources and limited needs

• Unlimited production and limited distribution

Which of these best describes supply?

• The desire for a particular good or service

• The amount of a product available

• The cost of the next best alternative

• The need for basic resources

What is an example of a want rather than a need?

• Shelter

• Sleep

• Health

• Video games

Which term describes the process of creating goods and services?

• Distribution

• Consumption

• Production

• Supply

If the demand for a product is greater than the supply, what is likely to happen to the price?

• The price will increase

• The price will decrease

• The price will stay the same

• There is no impact on price

What do think consumers buy the most worldwide?

• Entertainment

• Cars

• Clothing

• Food

A farmer who grows and sells fruit is a ______________________.

• Consumer

• Producer

• Natural resource

• A fifth grader