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Economics Questions - All Grades

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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 6 Economics
The laws of supply and demand play important roles in this type of economy
  1. Traditional
  2. Command
  3. Market
  4. Planned
Grade 9 Economics
Bonds are what type of security?
  1. debt
  2. credit
  3. equity
  4. derivative
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 6 Economics
A tariff is a tax on                .
  1. exports
  2. food
  3. imports
  4. services
Grade 7 Economics
The aggregate demand–aggregate supply model is based on the work of which economist?
  1. Adam Smith
  2. John Maynard Keynes
  3. Alfred Marshel
  4. John Stewart Mill
Grade 7 Economics
A drop in output is called a recession.
  1. True
  2. False
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 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 6 Economics
Jada is always at the mall shopping. She is a product
  1. exporter
  2. importer
  3. consumer
  4. overhead
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