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

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

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