Economics
  • 1. Which of the following is a need?
A) roller skates
B) toys
C) bike
D) food
  • 2. What is a producer?
A) Someone who makes things and sells them
B) Someone who buys things
  • 3. Where do natural resources come from?
A) man
B) nature
C) school
D) factories
  • 4. A person who starts a business.
A) entrepreneurs
B) settlement
C) industry
D) historian
  • 5. Businesses that provide a certain product or service.
A) industry
B) manufacturing
C) settlement
D) statehood
  • 6. Depending on one another.
A) interactions
B) incentive
C) interdependence
D) choice
  • 7. The cost of passing up the next best choices when making a decision
A) taxes
B) opportunity costs
C) economics
D) choice
  • 8. To limit ones attention to one business, subject, or study
A) scarcity
B) manufacturing
C) specialization
  • 9. This means not plentiful.
A) adapt
B) scarcity
C) specialization
  • 10. Money collected by the government from people or businesses for public use
A) taxes
B) scarcity
C) economy
  • 11. When people give up something in order to get something else is called this.
A) trade off
B) economy
C) taxes
D) scarcity
  • 12. What kind of resource is a raw material?
A) human
B) natural
C) capital
  • 13. Trade with other countries is called this.
A) international
B) economy
C) specialization
  • 14. Wants are things people want and can not always get. To get these people must make
A) economic choices
B) advertising specials
C) natural resources
  • 15. The cost of passing up the next best choice when making a decision
A) taxes
B) opportunity costs
C) economics
  • 16. Things that people make or use to satisfy needs and wants are called this
A) services
B) producers
C) goods
  • 17. A person who makes goods and services is called this
A) producer
B) consumer
C) services
  • 18. A person who uses or buys goods and services is called this
A) consumer
B) services
C) producer
  • 19. When we can't have everything you want you have to make this
A) money
B) choice
C) checks
  • 20. Which of the following is not a type of resources?
A) natural
B) human
C) scarcity
D) capital
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Answer Key

1.D   2.A   3.B   4.A   5.A   6.C   7.B   8.C   9.B   10.A   11.A   12.B   13.A   14.A   15.B   16.C   17.A   18.A   19.B   20.C  

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