Economics Test

Which situation shows scarcity?

• Every child gets 1 cupcake at a party.

• Kohl’s has sold out of a pair of shoes you want.

• You earned $5 for doing chores.

• You had extra duct tape left when you made a duct tape bookmark.

Which is an example of opportunity cost?

• You went out to dinner and the movies.

• You bought the last pair of shoes at Kohl’s.

• You decided to have cake for dessert instead of a cupcake.

• You earned $20 for your allowance.

Which of the following is a good?

• A car

• Getting your nails done

• Having your tv repaired

• Washing your neighbor’s car

Which of these is a service?

• Paying for your dinner

• Washing your neighbor’s car

• A car

• Going shopping

Which of these is an example of a producer?

• A car

• A person who buys a house

• An oven

• A teacher

Which of these is an example of an entrepreneur?

• A banana

• A dollar

• A waitress

• A store owner

Which situation shows a consumer?

• A person selling books

• A person buying books

• A banker

• An inventor

Trading your apple for a cookie is an example of

• spending

• saving

• bartering

• income

The peso is an example of

• Income tax

• Sales tax

• Currency

• Budget

Which of these is an example of a United States import?

• Peanuts grown in Georgia

• Grapes grown in California

• Computers made in New York

• Sugar made in Mexico