WorksheetsYear 10 Economics: Week 1/2 Quiz
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
Why does scarcity exist?
a)
Each year workers tend to produce less than previously
b)
Machines wear out in time
c)
There are not sufficient resources to meet everyone's wants
d)
There is a limit to people's wants
2.
Why will scarcity continue to be a problem in the future?
a)
Prices will rise
b)
Resources will always be finite
c)
Needs will decrease in the future
d)
World population will fall
3.
The basic economic questions that every society must address include:
a)
what, how, and for whom
b)
where, when and why
c)
which, why and what
d)
what, where, and for whom
4.
When you make the (incredibly wise) decision to attend Economics class, which economic question are you answering?
a)
What?
b)
How?
c)
For whom?
d)
Why do we exist? What does it mean to be alive?
5.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
6.
A place where buyers and sellers meet to exchange goods and services for money is called...
a)
Market
b)
Factor of production
c)
Money
d)
Interdependent
7.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
8.
Which are not a factors of production
a)
land
b)
rent
c)
capital
d)
interest
9.
A want is
a)
something we have to have in order to survive
b)
something we would like to have to make our life better
10.
The basic economic problem can never be eliminated.
a)
true
b)
false
100 %
