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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
Consumers must make choices
B
Consumption of product increases
C
Price of scarce product decreases
D
Scarce products go on sale
2) What is a natural resource that goes into producing a lemonade stand?
A
Cups
B
Pitcher
C
Lemons
D
Sign
3) What is the process of buying and using goods and services?
A
Consumption
B
Goods
C
Distribution
D
Production
4) What are the factors of production that are used to produce goods and services called?*
A
Scarcity
B
Resources
C
Incentives
D
Price
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
Money she could have made in the workforce
B
Cost of tuition, books, and room and board
C
None of the Above
D
Amount of time she will have to study
6) What is the amount of goods and services consumers are willing to buy at a certain price?
A
Demand
B
Consumption
C
Incentive
D
Supply
7) The workers in a factory are considered what type of resource?
A
Human
B
Capital
C
Natural
D
Entrepreneurship
8) Scarcity refers to -
A
what is given up when a choice is made
B
the inability to satisfy all wants at the same time
C
things used to change economic behavior
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
Low
D
None of the above
10) Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
A
Lack of Resources
B
Sale price
C
Supply
D
Original price
*select an answer for all questions
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