John's Economics Test Question Preview (ID: 28881)
John.
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What is it called when you choose one thing over another?
a) scarce
b) producer
c) consumer
d) opportunity cost
What is it called when there is only a limited amount of a resource?
a) consumer
b) scarce
c) producer
d) oppurtunity cost
What are the things that you can use like books, cars, and clothes called?
a) goods
b) producer
c) oppurtunity cost
d) needs
What are things that people have to have like food, sheler and clothing are called?
a) goods
b) wants
c) scarce
d) needs
What are things that people would like to have such as books, iPads, and slides are called?
a) oppurtunity cost
b) wants
c) service
d) needs
What is it called when someone does something for you like teaching you math or watching your dog?
a) need
b) producer
c) service
d) want
What are people who make or grow something called?
a) producers
b) consumers
c) services
d) wants
What are people who buy or use things called?
a) scarce
b) producers
c) wants
d) consumers
What is it called when people use money as an exchange?
a) price
b) sharing
c) majority rule
d) first come first served
What is it called when the greater number (most people choose) has the greater power?
a) contest
b) majority rule
c) first come first served
d) sharing
What is it caled when people compete for 1st place in an event?
a) sharing
b) majority rule
c) price
d) contest
What is it called when you give a portion of something to someone else?
a) sharing
b) first come first served
c) contest
d) price
What is it called when people are attended to based on the order that they arrive?
a) first come first served
b) sharing
c) contest
d) price
Native Americans did not have money, so how did they get the things they wanted or needed?
a) bartering
b) getting presents
c) stealing
d) they didn't get what they wanted or needed
What is an example of bartering?
a) using a credit card to buy an iPad
b) finding a dollar in the road
c) paying money for a candy bar
d) exchanging an eraser for a pencil
What is the benefit of saving your money?
a) You will have more money to buy something you want in the future.
b) You will have less money to buy something you want in the future.
c) People will take all of your money.
d) You will have all the money in the world.
What is the cost of saving your money (what did you give up from saving your money)?
a) You will never have any money in your whole life.
b) You can get something when you want to if you have the money for it.
c) You can get a laptop whenever you want to.
d) You can't get something immediately.
What is the benefit of spending your money?
a) You can buy anything, even if you don't have enough money.
b) You can get the things you want or need immediately.
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.
what is the cost of spending your money (what did you give up from spending your money)?
a) You will get in trouble for spending all of your money.
b) You will be happy that you have lots of little things.
c) You might not have money to buy something later.
d) You will have lots of money left over to buy toys and candy.
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