Economics Quiz

Businesses must make profit if they want to stay up and running.

• True

• False

 Businesses help out our economy by providing individuals with jobs.

• True

• False

Businesses can tell if consumers are liking what they are making and selling through how much profit they are making.

• True

• False

Consumers' wants and needs never change.

• True

• False

You were having a garage sale and bought posters for 3 dollars, to make signs that said “Garage Sale Here”. Then you told your mother that if she would help you run the garage sale, you would pay her 12 dollars. She agreed to help. After the garage sale ended, you made 50 dollars, how much profit did you end up making?

• $50

• $47

• $35

• $38

Which of these is NOT one of the 3 main resources?

• Money

• Labor

• Exchange

• Materials

What is our biggest economic problem in society?

• Unlimited Resources

• Limited Resources

• Internet Issues

• Labor Shortages

 Businesses ask themselves which question, when it comes to making the most of their limited resources.

• What materials do we need to buy?

• How do we produce these goods?

• Who are we providing these products for?

• All of the Above

Explain why consumers buy products and services from businesses.

A business does not need to worry about continually improving the value it creates for consumers and society.

• True

• False