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Economics Quiz

Authored by Gaylene Noble

Social Studies

8th Grade

Used 3+ times

Economics Quiz
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55 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people choose to use their limited resources to satisfy their unlimited wants?

Scarcity

Economics

Socialism

Command economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes things we can touch or hold?

Services

Goods

Resources

Scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for work that is done for us?

Goods

Services

Resources

Trade-off

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for things used to make goods or services?

Resources

Scarcity

Economics

Opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What describes a situation where one does not have enough resources to satisfy all of one's wants and needs?

Trade-off

Scarcity

Benefit-cost analysis

Socialism

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the alternative you face when you decide to do one thing rather than another?

Opportunity cost

Trade-off

Scarcity

Command economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of the next best use of time or money when choosing to do one thing rather than another?

Opportunity cost

Trade-off

Scarcity

Benefit-cost analysis

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