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John's Economics Test
Test Description: John
Instructions: Answer all questions to get your test result.
1) What is it called when you choose one thing over another?
A
scarce
B
consumer
C
opportunity cost
D
producer
2) What is it called when there is only a limited amount of a resource?
A
oppurtunity cost
B
consumer
C
producer
D
scarce
3) What are the things that you can use like books, cars, and clothes called?
A
producer
B
oppurtunity cost
C
goods
D
needs
4) What are things that people have to have like food, sheler and clothing are called?
A
wants
B
scarce
C
needs
D
goods
5) What are things that people would like to have such as books, iPads, and slides are called?
A
wants
B
oppurtunity cost
C
needs
D
service
6) What is it called when someone does something for you like teaching you math or watching your dog?
A
producer
B
service
C
need
D
want
7) What are people who make or grow something called?
A
services
B
producers
C
consumers
D
wants
8) What are people who buy or use things called?
A
wants
B
consumers
C
producers
D
scarce
9) What is it called when people use money as an exchange?
A
first come first served
B
price
C
majority rule
D
sharing
10) What is it called when the greater number (most people choose) has the greater power?
A
sharing
B
contest
C
majority rule
D
first come first served
11) What is it caled when people compete for 1st place in an event?
A
majority rule
B
sharing
C
contest
D
price
12) What is it called when you give a portion of something to someone else?
A
first come first served
B
sharing
C
contest
D
price
13) What is it called when people are attended to based on the order that they arrive?
A
first come first served
B
sharing
C
price
D
contest
14) Native Americans did not have money, so how did they get the things they wanted or needed?
A
getting presents
B
bartering
C
stealing
D
they didn't get what they wanted or needed
15) What is an example of bartering?
A
using a credit card to buy an iPad
B
paying money for a candy bar
C
exchanging an eraser for a pencil
D
finding a dollar in the road
16) What is the benefit of saving your money?
A
You will have more money to buy something you want in the future.
B
People will take all of your money.
C
You will have all the money in the world.
D
You will have less money to buy something you want in the future.
17) What is the cost of saving your money (what did you give up from saving your money)?
A
You can't get something immediately.
B
You will never have any money in your whole life.
C
You can get something when you want to if you have the money for it.
D
You can get a laptop whenever you want to.
18) What is the benefit of spending your money?
A
You can get the things you want or need immediately.
B
You can buy anything, even if you don't have enough money.
C
You can never buy anything ever again, even if you have enough money.
D
You can't get the things you want or need immediately.
19) what is the cost of spending your money (what did you give up from spending your money)?
A
You might not have money to buy something later.
B
You will get in trouble for spending all of your money.
C
You will have lots of money left over to buy toys and candy.
D
You will be happy that you have lots of little things.
*select an answer for all questions
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