Free Quiz - Economics

Supply and Demand (Economics)
A fun quiz inspired by the song from the Teacher and the Rockbots WORLD CD

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1) What does economy mean?

A system of producing, distributing, and consuming wealth.
The process or result of division into two parts..
The branch of physics that studies celestial bodies and the universe.

2) What is the word for goods or services that can be sold?

Supply
Manufacturer
Pricing

3) What is the word for the ability and desire to purchase goods and services?

Bargains
Demand
Inventory

4) What do producers do?

Manufacture products.
Sell products.
Provide services.
All of the above

5) What are consumers?

People buying things.
People stealing things.
People in jail.

6) What is it called when a company buys things from other countries?

Desperation
Implants
Imports

7) What is it called when countries sell their goods to other places around the world?

Xrays
Exports
Monopolies

8) What happens to prices when supply is high?

Prices go up because producers spend more money to increase suppply.
Prices go down because producers are motivated to eliminate the surplus.
Prices explode, companies go bankrupt and there's a recession.

9) What are some things that the United States imports?

Fruit
Oil
TVs
All of the above

10) Producers need to make what consumers want to take with money from a job that people make.

True
False