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Economics Questions - All Grades

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Grade 4 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 3 Economics
What are natural resources?
  1. shelter, food,
  2. something found in nature that people can use
  3. goods and services
Grade 8 Economics
The resources of an economic system, called Factors of Production are grouped into four categories which are
  1. traditional, command, market, and mixed.
  2. land, capital, labor, and entrepreneurs.
  3. monopoly, oligopoly, private, and government.
  4. local, central, national, and global.
Grade 3 Economics
Which group makes and sells goods?
  1. consumers
  2. traders
  3. producers
  4. servers
Grade 3 Economics
A doctor is an example of which type of resource?
  1. natural
  2. human
  3. capital
  4. entrepreneurial
Grade 4 Economics
Grade 12 Economics
The most desirable alternative given up is                      .
  1. cost benefit analysis
  2. trade-off
  3. inflation
  4. opportunity cost
Grade 3 Economics
What might happen if the demand for a new sneaker began to quickly rise?
  1. More sneaker would be made
  2. The price of the sneaker would go up
  3. People would refuse to pay for sneaker
  4. The sneaker price would be lowered
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
Grade 10 Economics
Taxes on the sale of tobacco, gasoline, and alcohol are
  1. gift taxes
  2. property taxes
  3. estate taxes
  4. excise taxes
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 12 Economics
Grade 2 Economics
Name three kinds of transportation that move goods?
  1. Trucks, balloons, planes
  2. ships, cars, buses
  3. kites, trains, ships
Grade 3 Economics
An industry is a business that                      
  1. provides services
  2. makes or trades goods
  3. is run by volunteers
  4. was begun by the Omaha
Grade 2 Economics
Bartering means to
  1. trade
  2. borrow
  3. share
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