Trivia Quiz: Economics Basic Knowledge! Test

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| By Rose1234
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Quizzes Created: 1 | Total Attempts: 136
| Attempts: 136
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  • 1/10 Questions

    Money that people earn from their job.

    • Encomomics
    • Producer
    • Income
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About This Quiz


Do you have basic knowledge of economics, and do you think you can pass this quiz? When it comes to economics, everyone should know that there are two kinds of economics: macroeconomics and microeconomics. A significant factor is the law of supply and demand. Services are done for customers, and income is what you earn. This quiz is all about economics, so put your basic knowledge to the test.

Trivia Quiz: Economics Basic Knowledge! Test - Quiz

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  • 2. 

    A limited supply of a good.

    • Scarcity

    • Wants

    • Goods

    Correct Answer
    A. Scarcity
    Explanation
    Scarcity refers to a situation where there is a limited supply of a good or resource. This means that the quantity of the good is insufficient to meet the wants or demands of individuals. When there is scarcity, people have to make choices about how to allocate the limited resources available to them. This concept of scarcity is fundamental in economics as it helps explain the problem of unlimited wants and limited resources, which leads to the need for making trade-offs and prioritizing certain goods or services over others.

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  • 3. 

    Everyone who spends money to buy goods and services.

    • Producer

    • Consumer

    • Manufacturer

    Correct Answer
    A. Consumer
    Explanation
    The correct answer is "consumer" because a consumer is someone who purchases goods and services in exchange for money. In this context, the question is asking about the person or entity that spends money to buy goods and services, which aligns with the definition of a consumer.

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  • 4. 

    A person who makes a good or produces a service.

    • Producer

    • Consumer

    • Economics

    Correct Answer
    A. Producer
    Explanation
    A producer is someone who creates or manufactures goods or provides services. This term is commonly used in economics to refer to individuals or businesses that are involved in the production process. They are responsible for bringing goods or services to the market for consumers to purchase. Producers play a vital role in the economy as they contribute to the overall supply of goods and services, driving economic growth and development.

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  • 5. 

    Amount of money you need to buy a good or service.

    • Needs

    • Trading

    • Price

    Correct Answer
    A. Price
    Explanation
    The correct answer is "price". In the context of the question, the price refers to the amount of money required to purchase a good or service. It is the monetary value assigned to the item being traded in a transaction. The price is determined by various factors such as supply and demand, production costs, and market conditions.

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  • 6. 

    Study of money and how people use their money.

    • Wants

    • Economics

    • Needs

    Correct Answer
    A. Economics
    Explanation
    The study of money and how people use their money is referred to as economics. Economics is a social science that examines the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, and governments make choices regarding the allocation of resources to satisfy their wants and needs. By studying economics, we can gain insights into how individuals and societies make decisions about spending, saving, investing, and managing their financial resources.

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  • 7. 

    Objects that consumers buy to hold and touch.

    • Goods

    • Scarcity

    • Natural resources

    Correct Answer
    A. Goods
    Explanation
    The term "goods" refers to objects that consumers purchase in order to physically hold and touch them. This can include a wide range of products, such as clothing, electronics, furniture, and more. These items are tangible and can be seen, felt, and used by consumers. The term "goods" is often used in economics to distinguish them from services, which are intangible and involve actions or performances rather than physical objects.

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  • 8. 

    Things that are done for consumers.

    • Services

    • Trading

    • Opportunity cost

    Correct Answer
    A. Services
    Explanation
    The correct answer is services. Services refer to the activities or tasks that are done for consumers, such as providing assistance, performing tasks, or offering professional advice. This can include a wide range of industries, such as healthcare, transportation, hospitality, and consulting. Services are intangible and often involve the exchange of time, skills, or expertise in order to meet the needs and wants of consumers.

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  • 9. 

    Things that make life easier and more fun.

    • Services

    • Wants

    • Cost

    Correct Answer
    A. Wants
    Explanation
    The word "wants" is the correct answer because it aligns with the context of the question, which is about things that make life easier and more fun. "Wants" refers to the desires or preferences of individuals, suggesting that having the things one wants can contribute to a more enjoyable and convenient life. The other options, such as "services" and "cost," do not directly relate to the concept of making life easier and more fun.

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  • 10. 

    Things that a consumer needs to stay alive.

    • Needs

    • Trading

    • Goods

    Correct Answer
    A. Needs

Quiz Review Timeline (Updated): Mar 22, 2022 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 18, 2008
    Quiz Created by
    Rose1234
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