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Economics Questions - All Grades

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Grade 3 Economics
What are natural resources?
  1. shelter, food,
  2. something found in nature that people can use
  3. goods and services
Grade 3 Economics
What are human resources?
  1. the people and ideas needed to produce something
  2. food, shelter, clothing
  3. water, trees, air, sun
Grade 2 Economics
NEEDS are:
  1. things that we like
  2. things we must have to live
  3. things that people make or grow
Grade 3 Economics
Which is an example of bartering?
  1. buying a football at Walmart
  2. getting a coke for $1
  3. trading a bouncy ball for a pencil
  4. giving your friend 2 quarters for a candy bar
Grade 6 Economics
Entrepreneurs are motivated mainly by
  1. a need to be in charge.
  2. the desire for risk.
  3. the hope of making a profit.
  4. the need to repay their loans.
Grade 2 Economics
Grade 3 Economics
When is bartering not possible?
  1. when people trade goods or services
  2. when no one wants to trade for your product or service
  3. when kids are trading baseball cards
  4. when you trade something without using money
Grade 11 Economics
When a surplus occurs, suppliers tend to
  1. maintain prices
  2. lower prices
  3. raise prices
  4. increase demand
Grade 12 Economics
What is scarcity?
  1. When an unlimited amount of goods and services are available to meet limited wants and needs
  2. When a limited amount of goods and services are available to meet unlimited wants and needs
  3. When a limited amount of goods and services are available to meet limited wants and needs
  4. When an unlimited amount of goods and services are available to meet unlimited wants and needs
Grade 12 Economics
Grade 12 Economics
Grade 12 Economics
Grade 12 Economics
A trade-off is:
  1. The extra cost of adding one unit
  2. The alternatives we give up when we choose one action over another
  3. A process in which you compare what you will give up and gain from an action
  4. The money a person makes
Grade 12 Economics
What are needs?
  1. Things that are important for survival
  2. Something people desire but is not needed to survive
  3. When people want more of a good that producers are willing to make
  4. Things that make our life better
Grade 3 Economics
Grade 12 Economics
An increase in supply can cause:
  1. A shortage
  2. An increase in demand
  3. A decrease in demand
  4. A surplus
Grade 12 Economics
Economics is:
  1. The study of how businesses make profit
  2. The study of how we make choices when faced with limited resources
  3. The study of how we face unlimited resources
  4. The study of how the same people are late for class every day!
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