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Economics Questions - All Grades

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Grade 6 Economics
Jada is always at the mall shopping. She is a product
  1. exporter
  2. importer
  3. consumer
  4. overhead
Grade 6 Economics
Grade 7 Economics
Opportunity cost is
  1. the loan you choose not to take out
  2. the cost for starting a business
  3. the benefit you give up by choosing to do one thing instead of another
  4. none of the above
Grade 8 Economics
Grade 7 Economics
Grade 9 Economics
A person who studies how societies use valuable resources is an
  1. economist
  2. archeologist
  3. anthropologist
  4. scribe
Grade 7 Economics
The United States has which type of economy?
  1. market
  2. command
  3. traditional
  4. mixed
Grade 7 Economics
When supply and demand are equal, economists call this condition..
  1. deficit
  2. supply and demand curve
  3. loan
  4. market equilibrium
Grade 2 Economics
What is the study of the way we use goods and money?
  1. geography
  2. economics
  3. history
  4. culture
Grade 3 Economics
How do businesses help people in a community?
  1. They provide the things people want and need.
  2. They grow food to sell to shops.
  3. They make laws to keep a community safe.
  4. They help maintain a community's climate.
Grade 8 Economics
Grade 12 Economics
Which of the following correctly describes a traditional economy?
  1. Buyers and sellers decide what to produce.
  2. The U.S. is an example of a traditional economy.
  3. The basic economic questions are answered based on ritual, habit or custom.
  4. A central planning authority decides what goods and services to produce and how to produce them.
Grade 2 Economics
A service is                                    .
  1. a thing you can touch.
  2. whether a thing is worth the price.
  3. a thing a person does for you.
  4. a problem.
Grade 12 Economics
The government has the greatest degree of involvement in which of the following?
  1. Traditional Economy
  2. Command Economy
  3. Capitalist Economy
  4. Socialistic Economy
Grade 2 Economics
A good is                               .
  1. a thing you can touch.
  2. a thing you can hear.
  3. a thing a person does for you.
  4. a thing you do for money.
Grade 12 Economics
The cost added by producing one extra item of a product
  1. Production Cost
  2. Market Failure
  3. Marginal Cost
  4. Marginal Expense
Grade 12 Economics
In free enterprise, the characteristic of voluntary exchange allows                                                      .
  1. Workers to accept or reject jobs
  2. Businesses to sell goods wherever they want
  3. People to own and control their possessions
  4. Buyers and sellers to both benefit from a transaction
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