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Economics Quiz Review #2
Test Description: Economics Quiz Review #2
Instructions: Answer all questions to get your test result.
1) Which of the following are effects of scarcity?
A
Price of scarce product decreases
B
Consumption of product increases
C
Scarce products go on sale
D
Consumers must make choices
2) What is a natural resource that goes into producing a lemonade stand?
A
Lemons
B
Cups
C
Sign
D
Pitcher
3) What is the process of buying and using goods and services?
A
Consumption
B
Production
C
Goods
D
Distribution
4) What are the factors of production that are used to produce goods and services called?*
A
Resources
B
Price
C
Incentives
D
Scarcity
5) Jasmine has to decide between going to college and joining the workforce. What is the opportunity cost if she decides to go to college?
A
Cost of tuition, books, and room and board
B
Amount of time she will have to study
C
Money she could have made in the workforce
D
None of the Above
6) What is the amount of goods and services consumers are willing to buy at a certain price?
A
Supply
B
Demand
C
Consumption
D
Incentive
7) The workers in a factory are considered what type of resource?
A
Human
B
Natural
C
Entrepreneurship
D
Capital
8) Scarcity refers to -
A
what is given up when a choice is made
B
things used to change economic behavior
C
the inability to satisfy all wants at the same time
D
the factors of production
9) If supply is low and demand is high, the price of an item will be
A
High
B
Stay the same
C
None of the above
D
Low
10) Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
A
Sale price
B
Supply
C
Original price
D
Lack of Resources
*select an answer for all questions
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