Quiz  /  Economics Class 12 MCQ Questions With Answers

  • 1. 
    The limited availability of resources is known as...

  • Scarcity
  • Voluntary Exchange
  • Profit
  • Opportunity Cost

  • 2. 
    Name for the risk-taking businessmen who start businesses and are one of the factors of production.

  • Land
  • Labor
  • Capital
  • Entrepreneurship

  • 3. 
    The amount of a good or service provided is called:

  • supply
  • demand
  • equilibrium
  • inflation

  • 4. 
    Phrase that means how good a person's quality of life is.

  • Opportunity standard
  • Standard of living
  • rent control

  • 5. 
    What is the best example of scarcity

  • The restuarant is not crowded tonight
  • The school parking lot only has 150 spaces but 200 students want to park there
  • There are 500 houses in the subdivision and 250 of them are occupied
  • A person decided to dye her hair blonde instead of red

  • 6. 
    Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

  • Labor
  • Capital
  • Revenue

  • 7. 
    What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired

  • Work
  • Money
  • Sleep
  • Time

  • 8. 
    The factor of production that includes the physical land and resources that come directly from the earth.

  • Land
  • Labor
  • Capital
  • Entrepreneurship

  • 9. 
    The total value of goods and services produced within the a country during one year.

  • Gross Domestic Product (GDP)
  • Gross National Income (GNI)
  • Gross Food Cafeteria (GFC)
  • Human Consumption Chart (HCC)

  • 10. 
    All of the following are possible costs of your decision to go away to college except

  • You will spend lots of time studying
  • There may be a lot of social distractions
  • You will become more educated
  • You will be paying a lot of money

  • 11. 
    What factor of production does this picture represent?

  • Land
  • Capital
  • Labor
  • Entrenprenour

  • 12. 
    The study of how people seek ways to meet their wants and needs by making choices is called?

  • Economics
  • Philosophy
  • Capitalism

  • 13. 
    The amount of a good or service that is wanted is called:

  • supply
  • demand
  • equilibrium
  • inflation

  • 14. 
    You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?

  • $10
  • $90
  • $100
  • $110

  • 15. 
    What term refers to a good that leaves a country?

  • Export
  • Import
  • Trade
  • Distribution

  • 16. 
    Not having enough

  • scarcity
  • supply
  • human resouce
  • taxes

  • 17. 
    In economic terms, which action shows a person acting as an investor?

  • A person sells a car to a neighbor.
  • A person puts money in a savings account.
  • A person drives students to school.
  • A person buys a new pair of shoes.

  • 18. 
    A good made in the United States and sent to other countries

  • export
  • consumer
  • savings
  • taxes

  • 19. 
    How much of a good or service consumers want

  • demand
  • spending
  • producer
  • scarcity

  • 20. 
    Things purchased by consumers

  • goods
  • consumer
  • producer
  • supply

  • 21. 
    What term refers to a good that comes into a country?

  • Trade
  • Migration
  • Export
  • Import

  • 22. 
    What economy is where the government has total control of the economy. Businesses are not privately owned.

  • Command
  • Traditional
  • Mixed
  • Market

  • 23. 
    A person who provides a good or service

  • producer
  • need
  • want
  • consumer

  • 24. 
    When a consumer can no longer pay off credit debt, they may be forced to file personal ______________ or legal relief for paying certain debts.

  • repossession
  • garnishment
  • bankruptcy
  • delinquency

  • 25. 
    A person who purchases a good or service

  • consumer
  • taxes
  • supply
  • good

  • 26. 
    Goods made to use in the production of other goods

  • capital resouces
  • demand
  • taxes
  • export

  • 27. 
    Using income for purchases, expenses, and debt

  • spending
  • savings
  • goods
  • services

  • 28. 
    What is the definition of economics?

  • The study of human behavior and attitudes
  • The study of past events and the impact they have had on people
  • The study of political and social interactions
  • The study of the production and distribution of goods and services

  • 29. 
    One of the important parts of economics is interdependence. Which of the following is an example of interdependence?

  • People make their own clothing.
  • People often move to places that aren't as crowded.
  • People need goods and services provided by other people.
  • People grow their own food.

  • 30. 
    The amount available

  • supply
  • demand
  • import
  • natural resource
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