Economics
Quiz by Serenity Warkentine
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50 questions
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- Q1What is the study of how people use resources to meet their needs?EconomicsBiologyHistoryGeography30s
- Q2What is it called when supply is greater than demand?SurplusEquilibriumDeficitShortage30s
- Q3What is the term for the money someone earns from working?ExpenseInvestmentIncomeWealth30s
- Q4What do we call the cost of next best alternative that is given up when making a choice?Fixed costOpportunity costTotal costVariable cost30s
- Q5What is the term for an economy based on the exchange of goods and services without using money?Market economyBarter systemCapitalismCommand economy30s
- Q6What is the term used for the amount of money a person earns from their job or investment?IncomeSavingsDebtExpense30s
- Q7What is the name of the money used in a country for trading goods and services?WealthStockCurrencyInvestment30s
- Q8What do we call a situation where there is not enough of a product available to meet demand?SurplusDemandShortageProfit30s
- Q9What type of economics deals with how individuals and businesses make decisions?MacroeconomicsBehavioral EconomicsMicroeconomicsInternational Economics30s
- Q10Which type of economics studies the overall economy and large-scale economic issues?Agricultural EconomicsMicroeconomicsLabor EconomicsMacroeconomics30s
- Q11What is one main difference between an employee and an entrepreneur?An employee is always paid less than an entrepreneur.An employee works for someone else's business.An entrepreneur has to follow all the rules without exception.An entrepreneur creates their own business.30s
- Q12Which of the following best describes an entrepreneur's role?An entrepreneur only works part-time.An entrepreneur only works for a salary.An entrepreneur never has to make important decisions.An entrepreneur takes risks to create and manage a business.30s
- Q13Which of the following is an advantage of being an entrepreneur?Guaranteed benefits like healthcare.Job security during economic downturns.The ability to make your own schedule.A stable paycheck every month.30s
- Q14What is an employee in economics?A person who works for a company or organization in exchange for paymentA volunteer who does not get paidA student learning about jobsA person who owns a business30s
- Q15What does it mean to be a full-time employee?Working a set number of hours per week, typically 35-40Working less than 20 hours a weekBeing unpaid for the work doneOnly working on weekends30s