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Economics Questions - All Grades

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Grade 2 :: Economics by Tishasides
NEEDS are:
  1. things that we like
  2. things we must have to live
  3. things that people make or grow
Grade 2 :: Economics by giankaella
Grade 12 :: Economics by rbanks59
Grade 12 :: Economics by rbanks59
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 by rbanks59
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 by rbanks59
Grade 3 :: Economics by heatherhazel123
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 12 :: Economics by rbanks59
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 by rbanks59
Grade 12 :: Economics by rbanks59
Cost/benefit analysis is:
  1. The extra benefit of adding one unit
  2. When the cost of adding one unit outweighs the benefit of producing it
  3. A process in which you compare what you will give up and gain from an action
  4. When a government has to decide between spending money on the military or social programs
Grade 12 :: Economics by rbanks59
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 12 :: Economics by rbanks59
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!
Grade 11 :: Economics by alawre
An inelastic demand curve
  1. is almost vertical
  2. is circular
  3. is almost horizontal
  4. cannot be illustrated on a graph
Grade 12 :: Economics by rbanks59
Burger King making more Whoppers because the price of Whoppers went up $2 is an example of:
  1. Law of demand
  2. Law of deflation
  3. Law of elasticity
  4. Law of supply
Grade 2 :: Economics by msmcghee
Grade 12 :: Economics by rbanks59
Prices will rise when:
  1. Demand drops
  2. There is a shortage
  3. There is a surplus
  4. They go down
Grade 12 :: Economics by rbanks59
This business type is owned by stockholders.
  1. Partnership
  2. Corporation
  3. Sole proprietorship
  4. Franchise
Grade 12 :: Economics by rbanks59
Taking the bus to work instead of buying a new car is an example of:
  1. Medium of exchange
  2. Barter system
  3. Substitution effect
  4. Demand
Grade 12 :: Economics by rbanks59
This is when there is more supply than demand.
  1. Equilibrium
  2. Price ceiling
  3. Shortage
  4. Surplus
Grade 12 :: Economics by rbanks59
What is not an advantage of specialization?
  1. Workers can be trained better
  2. Production increases
  3. Workers learn their skills better
  4. Less good are produced quicker
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