Basic Economics Multiple Choice Quiz

Here are some questions to test your knowledge, folks. Take your time, but not too much, and see if you can pick the right answer.

Question 1: What do we call it when there isn't enough of something for everyone who wants it, hmm,

A. Abundance

B. Surplus

C. Scarcity

D. Plenty

Correct Answer: C. Scarcity

Question 2: When you choose to buy one thing instead of another, what you give up is called the, well, cost, of that choice, you know. What kind of cost is that,

A. Money cost

B. Opportunity cost

C. Production cost

D. Fixed cost

Correct Answer: B. Opportunity cost

Question 3: What do we call the money a business makes after paying all its expenses, you see,

A. Revenue

B. Income

C. Sales

D. Profit

Correct Answer: D. Profit

Question 4: If a lot of people want to buy a new toy, what usually happens to the toy's price,

A. It goes down.

B. It stays the same.

C. It goes up.

D. It disappears.

Correct Answer: C. It goes up.

Question 5: What is something you need to survive, like food or water,

A. A luxury

B. A want

C. A need

D. A desire

Correct Answer: C. A need

Question 6: What is something you would like to have, but don't necessarily need, like a new video game,

A. A necessity

B. A want

C. A requirement

D. A basic need

Correct Answer: B. A want

Question 7: When people make things to sell, like clothes or toys, what are they called,

A. Consumers

B. Buyers

C. Producers

D. Shoppers

Correct Answer: C. Producers

Question 8: What is the job of a bank, primarily,

A. To sell toys.

B. To teach history.

C. To keep money safe and lend it out.

D. To grow food.

Correct Answer: C. To keep money safe and lend it out.

Question 9: If you save your money instead of spending it, what are you doing,

A. Investing

B. Donating

C. Saving

D. Borrowing

Correct Answer: C. Saving

Question 10: What is it called when different countries trade goods and services with each other,

A. Local trade

B. National exchange

C. International trade

D. Community commerce

Correct Answer: C. International trade

Well, there you have it, folks. A little test of your economic wisdom. How did you do, I hope you found it, well, informative.

Let me know if you'd like to try another set of questions, perhaps on a different topic, or if you'd like to explore any of these economic concepts in more detail. That's the way it is.