Economics Introduction
Quiz by SAIRA MOHAMED SHERIF
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30 questions
Show answers
- Q1What is the study of how people and societies use scarce resources to produce goods and services?BiologyEconomicsHistoryArt30s
- Q2What is the term for the items that people use to make or obtain what they need or want?ResourcesMoneyGoodsServices30s
- Q3What is the term for the unlimited desires or wants of people for goods and services?DemandProfitScarcitySupply30s
- Q4What is the term for the total value of all goods and services produced by a country in a year?Gross Domestic Product (GDP)Budget DeficitStock Market IndexConsumer Price Index (CPI)30s
- Q5What do we call the system in which goods and services are produced, distributed, and consumed in a society?EnvironmentEconomyEducationEntertainment30s
- Q6What does a demand curve show?How much money people haveHow much of a good or service people are willing and able to buy at different pricesHow many pets people haveHow tall people are30s
- Q7What happens to demand if the price of a product goes down?Demand disappearsDemand stays the sameDemand usually goes upDemand usually goes down30s
- Q8Why do demand curves slope downwards?Because the price increases as demand goes downBecause the sky is blueBecause demand curves like to slope that wayBecause as the price decreases, more people are willing and able to buy the product30s
- Q9What is one factor that can cause a shift in the demand curve?A change in consumer preferencesA change in the number of treesA change in the weatherA change in the color of shoes30s
- Q10If the price of ice cream cones goes up, what is likely to happen to the demand for ice cream cones?Demand for ice cream cones will likely increaseDemand for ice cream cones will likely decreaseDemand for ice cream cones will likely doubleDemand for ice cream cones will likely stay the same30s
- Q11What does the demand curve show in relation to the price of a product?The quantity of a product consumers are willing to buy at different pricesThe temperature of the productThe color of the productThe names of consumers who buy the product30s
- Q12What happens to demand if a popular singer endorses a new brand of sneakers?Demand for the sneakers will likely decreaseDemand for all shoes will increaseDemand for the sneakers will disappearDemand for the sneakers will likely increase30s
- Q13What is demand?The amount of a good or service that people are willing and able to buy at a certain priceThe amount of sunshine in a dayThe color of a rainbowThe number of stars in the sky30s
- Q14What does the demand curve show in relation to price?How much of a good or service people are willing to buy at different pricesHow many pets people haveHow much money people haveHow tall people are30s
- Q15What causes a shift in the demand curve?Changes in income, preferences, or expectations.Changes in the weather.Changes in supply.Changes in the price of the product.30s