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Take the test on: Economic Concepts
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Question 1 of 10
1. Question
Economics is?
CorrectIncorrectThe correct answer should be: Both of the above.
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Question 2 of 10
2. Question
Are shoes a want or a need?
CorrectIncorrectThe correct answer should be: Need
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Question 3 of 10
3. Question
Is a bicycle a want or a need?
CorrectIncorrectThe correct answer should be: Want
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Question 4 of 10
4. Question
Is food a want or a need?
CorrectIncorrectThe correct answer should be: Need
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Question 5 of 10
5. Question
When people trade for goods, it is called?
CorrectIncorrectThe correct answer should be: Bartering
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Question 6 of 10
6. Question
Another word for barter is?
CorrectIncorrectThe correct answer should be: Trade
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Question 7 of 10
7. Question
Goods and services can be purchased with?
CorrectIncorrectThe correct answer should be: Both of the above.
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Question 8 of 10
8. Question
To have a market, you need to have?
CorrectIncorrectThe correct answer should be: Both buyers and sellers
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Question 9 of 10
9. Question
What determines the price of something?
CorrectIncorrectThe correct answer should be: Supply and demand
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Question 10 of 10
10. Question
Something that is made by people is called a?
CorrectIncorrectThe correct answer should be: Product