Economics Practice test with Questions
and Correct Answers
1. The clothing shown in the photograph is BEST described as an example of
- ANS ✔a want
2. Why do you think there were long lines of cars in this photo from 1973? -
ANS ✔There was a shortage of gas
3. Identify the potential factor of production shown in this photo. - ANS
✔land
4. Which of the following would an entrepreneur do first when starting a
new venture? - ANS ✔identify an unmet want
5. Which of the following is NOT an example of factors of production in the
graphic? - ANS ✔financial resources
6. Which of the following is true about scarcity? - ANS ✔Scarcity affects all
societies
, 7. What trade-off is shown in this cartoon? - ANS ✔size of car vs. fuel
efficiency
8. What trade-off would a person make by choosing the option on the left? -
ANS ✔ease in favor of exercise
9. To save money, Taylor decided not to go to a concert where her favorite
musician was performing. What was the opportunity cost of that
decision? - ANS ✔Having fun at the concert
10.What is the opportunity cost of not going to college? - ANS ✔low
unemployment
11.After considering her different options, Amelia decides to buy fat-free ice
cream. What is the benefit? - ANS ✔a dessert that is relatively low in
calories
12.In the quotation above, "butter" refers to - ANS ✔Social Welfare Spending
and Correct Answers
1. The clothing shown in the photograph is BEST described as an example of
- ANS ✔a want
2. Why do you think there were long lines of cars in this photo from 1973? -
ANS ✔There was a shortage of gas
3. Identify the potential factor of production shown in this photo. - ANS
✔land
4. Which of the following would an entrepreneur do first when starting a
new venture? - ANS ✔identify an unmet want
5. Which of the following is NOT an example of factors of production in the
graphic? - ANS ✔financial resources
6. Which of the following is true about scarcity? - ANS ✔Scarcity affects all
societies
, 7. What trade-off is shown in this cartoon? - ANS ✔size of car vs. fuel
efficiency
8. What trade-off would a person make by choosing the option on the left? -
ANS ✔ease in favor of exercise
9. To save money, Taylor decided not to go to a concert where her favorite
musician was performing. What was the opportunity cost of that
decision? - ANS ✔Having fun at the concert
10.What is the opportunity cost of not going to college? - ANS ✔low
unemployment
11.After considering her different options, Amelia decides to buy fat-free ice
cream. What is the benefit? - ANS ✔a dessert that is relatively low in
calories
12.In the quotation above, "butter" refers to - ANS ✔Social Welfare Spending
