Economics Quiz

What is scarcity?

• When resources are unlimited and the need for a good or service is higher for a society than what is produced

• When resources are limited and the need for a good or service is higher for a society than what is produced

• When resources are unlimited and the need for a good or service is equal to what is produced

• When resources are limited and the need for a good or service is equal to what is produced

What is demand?

• The amount of a good or service that consumers are unwilling and unable to buy at a given price at a given time

• The amount of a good or service that consumers are willing and able to buy at a given price at a given time

• The amount of a good or service that producers are willing and able to sell at a given price at a given time

• The amount of a good or service that producers are unwilling and unable to sell at a given price at a given time

What does export mean?

• To send goods out to another country

• To bring goods into one country from another

• To take part in the exchange of goods

• To produce goods based on consumer demand

What does import mean?

• To send goods out to another country

• To bring goods into one country from another

• To take part in the exchange of goods

• To produce goods based on consumer demand

What does trade mean?

• To send goods out to another country

• To bring goods into one country from another

• To take part in the exchange of goods

• To produce goods based on consumer demand

What are some things paid for by taxpayers?

• Airplanes, hospitals, shopping malls, houses

• School bus, roads, stop signs, school buildings

• Computers, restaurants, parks, movie theaters

• Bicycles, swimming pools, libraries, stadiums

Why do governments collect taxes from people?

• To provide goods and services for the public

• To reduce the income of citizens

• To discourage economic growth

• To increase the cost of living

How do citizens support the government?

• By not paying taxes

• By protesting against government policies

• By paying a little more money (taxes) for each purchase at a store

• By avoiding public services

What does the government do to support its citizens?

• By building new public elementary schools

• By increasing taxes on citizens

• By reducing public services

• By limiting economic opportunities

Who produces goods and services based on consumer demand?

• Private businesses

• Government agencies

• Non-profit organizations

• Individual consumers