Economics Test

Which of the following is an example of a good?

• Haircut

• Apple

• Teaching

• Car repair

Which of the following is an example of a service?

• Book

• Doctor's appointment

• Bicycle

• Sandwich

If a new toy becomes very popular, what is likely to happen to the demand for it?

• Demand will decrease

• Demand will stay the same

• Demand will increase

• Demand will disappear

If there are very few oranges available in the market, what is likely to happen to the supply?

• Supply will increase

• Supply will decrease

• Supply will stay the same

• Supply will disappear

Which of the following is an example of a producer?

• Farmer

• Student

• Shopper

Which of the following is an example of a consumer?

• Farmer

• Chef

• Customer

• Cashier

If a new restaurant opens in town, what is likely to happen to the demand for nearby restaurants?

• Demand will increase

• Demand will decrease

• Demand will stay the same

• Demand will disappear

Which of the following is a natural resource?

• Computer

• Tree

• Teacher

• Factory

Which of the following is a capital resource?

• Water

• Tractor

• Sunlight

• Soil

Which of the following is a human resource?

• Coal

• Teacher

• Tractor

• River