wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics Quiz 2

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

When you pay someone to do something for you, they are providing a _____________________________.

a)

good

b)

service

c)

cost

2.

When you buy something you can touch or hold, you are buying a _________________.

a)

good

b)

service

c)

cost

3.

Someone who provides goods or services to sell is called a ______________.

a)

producer

b)

consumer

c)

teacher

4.

Someone who buys and uses goods or services is called a ______________.

a)

model

b)

consumer

c)

producer

5.

Trading a good or service that someone else wants or needs for a good or service you want or need is called _____________________.

a)

spending

b)

saving

c)

bartering

6.

Choose 3 correct answers:

How is money easier to use than bartering?

a)

Carrying money to spend is easier than carrying a cow to barter

b)

It is the ONLY way to get what you need

c)

you do not have to have the exact item someone else wants to barter, everyone can use money

d)

money has the same value for everyone

7.

TRUE or FALSE:

Because of SCARCITY we must make choices. We cannot have everything we want.

a)

TRUE

b)

FALSE

8.

PRICE is how much something costs.

If the price is LOW ___________________________.

a)

more people can buy it

b)

fewer people can buy it

c)

nobody can buy it

9.

When we take a vote on indoor or outdoor recess, the most votes wins. This is called ______________________.

a)

force

b)

majority rule

c)

sharing

d)

lottery

10.

When someone grabs a toy from someone else, they are getting it by ______________________.

a)

force

b)

authority

c)

sharing

d)

a contest

11.

When there is a basket of crayons on the table and everyone gets to use them, they are ______________________.

a)

forcing

b)

ruling

c)

sharing

d)

lottery

12.

TRUE or FALSE:

You can NOT get goods or services by winning a CONTEST.

a)

TRUE

b)

FALSE

13.

You are first in line for lunch so you get the biggest slice of pizza. This is called ______________________________.

a)

allocation by personal characteristics

b)

allocation by authority

c)

allocation by first-come, first-served

14.

Your dad tells your sister to give you the game controller. This is called ______________________________.

a)

allocation by personal characteristics

b)

allocation by authority

c)

allocation by first-come, first-served

15.

There is a ride at Disney that says "You Must Be This Tall to Ride"

This is called ______________________________.

a)

allocation by personal characteristics

b)

allocation by authority

c)

allocation by first-come, first-served

16.

Mom says I can have chocolate or strawberry ice cream. I choose chocolate, so strawberry is my ____________________

a)

opportunity cost

b)

benefit

17.

Which is an example of bartering?

a)

paying money for candy bar

b)

using a credit card to buy shoes

c)

giving a friend your pretzels for a bag of chips

18.

TRUE or FALSE:

There are many ways to ALLOCATE, or decide who will get goods and services.

a)

TRUE

b)

FALSE

19.

Mom says I can have chocolate or strawberry ice cream. I choose chocolate, so chocolate is my ____________________

a)

opportunity cost

b)

benefit

20.

When we draw a winner from the fin-tastic shark fish bowl. This is called a _____________ .

a)

force

b)

majority rule

c)

sharing

d)

lottery