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Economics
Economics
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Quiz on Economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
If an item is in high ______, the item may be sold out.
supply
exchange
demand
effect
2
Erin gave Taylor her bag of Skittles. Taylor gave Erin his bag of M&M's. This is a(n)
order
arrangement
service
exchange
3
Something useful that people do for others is called a
service
currency
demand
trade
4
The economic problem refers to the fact that:
resources are scare relative to the the wants of consumers
high prices make it hard to satisfy every want of consumers
too many resources are used inefficiently
producers are informed about the wants of consumers
5
what is an ECONOMIC problem
mass movement of people
destroyed habitats
people being unhappy
loss of money and economic groth
6
Sam went to the barber shop to get his hair cut by Dennis. Who is the seller?
Dennis
Both
Sam
Neither
7
Economics is the
study of how microphones work
study of echolocation
study of how people use money, goods, and services
study of the natural landmarks
8
The United States and _______ use a paper currency called "dollars".
<p>England</p>
Italy
Mexico
Canada
9
Katie went to the doctor for a check-up. The doctor provided a _____.
supply
product
good
service
10
If you go to the bookstore and buy a book, that book is a
good
buyer
trade
service
11
What economic problem did not contribute to the fall of the roman Empire?
trade declined
poverty
taxes too high
too many lawyers
12
The Scholastic Book Fair brought over 600 books to our school. They have a large ____ of books.
<p>scarcity</p>
exchange
demand
supply
13
What does
scarcity
mean?
An item is difficult to find or get
To be scared of something
An item is easy to find or get
To give an item in return for something else
14
Factors Of Production ?
Lans, Labor, Capitol
Land, Labor Capitol
Land, Laber, Capitol
Kentucky, Fried, Chicken
15
A person who purchases goods and services from other people is called a
servant
banker
cashier
buyer
16
When a product is scarce, the sellers may ...
charge a high price for it
<p>charge a low price for it</p>
give it away for free
give people a discount
17
Who is Homo Economicus?
A Greek philosopher who first thought about the economy
A hypothetical person who behaves according to self-interest
The first economist who was around in ancient Greece
A term used to refer to anyone who is an economist
18
Can there be zero opportunity cost?
YES, A third of it is.
NO, Doesn't exist in real world.
19
Economic means________.
Dealing with human well- being
Dealing with a profit/loss of money/jobs
Protection of natural resources
Increase in knowledge
20
Demand is
the amount of something that is available
another name for a service
a name of a coin used in the Caribbean
the number of people who want or need something
