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Introduction to Economics Quiz Flashcards | StudBud
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Introduction to Economics Quiz
Introduction to Economics Quiz
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A post test for students in Years 7-9 on basic #economics concepts.
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Where demand equals supply is known in economics as the...
Equal price
Equilibrium Price
Market Clearing price
Perfect price
2
In Economics, our Needs are...
Love, companionship, safety.
Food, water, shelter, clothes.
The things that we need to make life comfortable.
iPhones, internet, cool clothes.
3
Our unlimited Wants relative to our scarce resources is the concept of...
Opportunity Cost
Cost/Benefit Analysis
Relative Scarcity
Life
4
A substitute good for social media on a smart phone would be?
A relaxing walk around town
A good book to read
A conversation with actual, physically present, friends
None of the above
5
Our productive resources are divided up into...
Machines, Tools, Computers, Buildings
Animal, Mineral, Vegetable, Human
Land, Sea, Air, Space.
Land, Labour, Capital, Enterprise.
6
What is Economics?
The study of business.
The study of people and money.
The study of money.
The study of choices and human behaviour.
7
Which of the following could cause a contraction of supply in green smoothies.
A fall in income
A fall in prices for green smoothies
The availability of even healthier yellow smoothies.
A drought affecting Lebanese cucumbers.
8
Something that motivates us to action is known as...
an Incentive
a Punishment
a Miracle
a Reward
9
Which of these are non-price factors of Supply?
Complimentary Goods
Tastes and preferences.
Cost and Availability of productive resources.
All of the above
10
individuals who purchase goods and services are known as...
Producers
Rich
Poor
Consumers
11
Individuals who sell goods and services are known as...
Consumers
Rich
Producers
Poor
12
What are the Three Basic Economic Questions
What? How? For Whom?
Why? What? When?
Why Not? Why Not Now? Why Not Me?
What? When? How Come?
13
A complimentary good for Xbox One would be?
Xbox One controller
Television
All of the above
Xbox One game
14
The Law of Demand states that...
As the quantity decreases, the price increases
As the price increases, quantity increases
As the quantity increases, the price increases
As the price increases, quantity decreases
15
The Law of Supply states that...
As the quantity decreases, the price increases
As the price increases, quantity increases
As the price increases, quantity decreases
As the quantity increases, the price increases
16
Which of these are non-price factors of Demand.
Complimentary goods
Income
Tastes and preferences
All of the above
17
In economics, our Wants could be...
Fast cars
Large houses
fancy phones
All of the above
18
Opportunity Cost is best defined as...
Cost of making a bad decision
What happens when we miss an opportunity to do something
The next best alternative that we give up to have our choice
The price we pay for something
19
Which of the following could cause an increase in the supply of green smoothies?
A cyclone wipes out the lebanese cucumber crops of Australia
An increase in wages for workers in the health food industry
The cost of blenders decreases.
An increase in the price of green smoothies.
20
Which of the following could cause a
decrease
in demand for green smoothies?
A new substitute (yellow smoothies) becomes available.
A drought affecting the crop of Lebanese cucumbers.
An increase in the price of green smoothies.
A decrease in the price of green smoothies.
