Understanding Economics

1
Understanding Economics

• This is quiz to see just how well you understand
  the ideas and concepts that you have learned in
  the webquest. Read the questions carefully and
  choose the BEST answer for each question. Click
  the play button below to begin.

2
What is one reason people cannot have and do
everything they want?

• The resources are limited.
• They have to share goods.
• They make unwise choices.
• They do not have the ability.

3
Correct!!!

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4
Because people produce goods and provide
services, people are known as what?

• Scarcity
• Products
• Resources
• Economical

5
Correct!!!

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6
How goods are made with resources and how
services are performed is known as what?

• Reaction
• Production
• Distribution
• consumption

7
Correct!!!

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8
What is it called when you compare the cost and
benefits to different alternatives?

• Bartering
• Distribution
• Decision-making
• Wants and Needs

9
Correct!!!

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10
Deciding whether it is more important to buy new
garbage trucks or new busses is and example of
what?

• Satisfying wants
• Consuming resources
• Doing away with scarcity
• Weighing competing interests

11
Correct!!!

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12
What is one reason that money works better than
bartering?

• Its easier to cheat someone when bartering
• Bartered goods are not as valuable as money
• People are more wasteful with bartered goods
• People rarely have exactly the goods that others
  want

13
Correct!!!

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14
Money transactions work best when parties accept
that one of them will always come out on top.

• True
• False

15
Correct!!!

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16
Places where buyers and sellers meet and do
business are called what?

• Trade offs
• Transactions
• Supply sides
• marketplaces

17
Correct!!!

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18
What does the law of demand say?

• Buyers dont want to buy goods if the price is
  too low.
• Buyers dont want to buy goods if the price is
  high.
• Buyers dont want to supply goods if the price is
  low.
• Buyers dont want to supply goods if the price is
  high.

19
Correct!!!

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20
A person with a skill few other people have is
paid ore money for his services. This is an
example of what?

• A trade off
• Wants and Needs
• Production and distribution
• The law of supply and demand

21
Correct!!!

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