Economics Quiz

Which of the following is a land resource?

• Solar rays used to produce electricity

• A plastic bottle that is made from oil

• A table made from wood

• A car made from metal

When Izak goes to work to produce goods and/or services, he is an example of ____

• Capital

• Labor

• Entrepreneurship

• Land

Which of the following is NOT considered an economic good?

• Fresh air

• A sandwich from a restaurant

• A computer for a graphic design business

• Seeds from a gardening store

Matteo has $10 to spend and is trying to decide between buying a book or going to a movie. What is the concept that involves making decisions based on the next best alternative?

• Scarcity

• Opportunity cost

• Capital

• Need

Samantha is starting her own business. Which of the following is a characteristic of entrepreneurship?

• Natural resources

• Risk-taking

• Consumer goods

• Free goods

Lizzie is planning a community garden, but she realizes there is only a small plot of land available so she is unable to plant all of the types of flowers she wants. What is the term for the limited nature of this resource?

• Scarcity

• Capital

• Services

• Need

Julia went to a salon. Which of the following is an example of a service she might receive?

• A bottle of gel

• A haircut

• A t-shirt advertising the salon

• A gift certificate for a future visit

Lucas is starting a small business and is gathering the necessary resources. What is the term for the tools, equipment, and factories he will use in the production of goods and services?

• Labor

• Capital

• Land

• Entrepreneurship

Matthew is shopping for a new gadget. Which of the following is an example of a consumer good?

• Machinery for his factory

• A smartphone for personal use

• A new building for his business

• A tractor to use on his commercial farm

Orion enjoys shopping and often buys the latest gadgets and fashion items. What best describes these goods and services?

• Need

• Want

• Scarcity

• Capital