Economics Practice Quiz

Question 1

Which of these is a producer?

Accepted Answer

a baker

Question 2

Is this a cost or benefit. After building his straw house, pig #1 was able to have time to play

Accepted Answer

benefit

Question 3

Opportunity cost is _____________________________

Accepted Answer

What you gave up to get something

Question 4

Which of these is a producer?

Accepted Answer

carpenter

Question 5

Which of these is a consumer?

Accepted Answer

movie watcher

Question 6

What is a service?

Accepted Answer

a action you do

Question 7

A person receiving a paycheck each month is a ______?

Accepted Answer

Income

Question 8

What is an product

Accepted Answer

It is an item that is made

Question 9

Does the item have high supply or high demand? There are five popsicles but 10 people want one.

Accepted Answer

High Supply

Question 10

Frank was saving for a bike, but donated to charity instead. What was his opportunity cost?

Accepted Answer

the new bike

Question 11

What is demand

Accepted Answer

the want of an item

Question 12

Darla decided to buy an ice cream cone instead of a new game. What was her opportunity cost?

Accepted Answer

new game

Question 13

Which of these is a consumer?

Accepted Answer

restaurant patron

Question 14

What is supply

Accepted Answer

the products that you have

Question 15

Cost or Benefit? After building his house, Pig #3 had no time to play.

Accepted Answer

Cost

Questions 15