Quiz  /  Economics Class 9 MCQ Questions With Answers

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

  • Scarcity
  • Voluntary Exchange
  • Profit
  • Opportunity Cost

  • 2. 
    This measurement is used to determine how well a country's economy is doing.

  • Stock Market Prices
  • Gross National Assessment
  • Gross Domestic Product

  • 3. 
    Name for the risk-taking businessmen who start businesses and are one of the factors of production.

  • Land
  • Labor
  • Capital
  • Entrepreneurship

  • 4. 
    The amount of a good or service provided is called:

  • supply
  • demand
  • equilibrium
  • inflation

  • 5. 
    Phrase that means how good a person's quality of life is.

  • Opportunity standard
  • Standard of living
  • rent control

  • 6. 
    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

  • 7. 
    Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

  • Labor
  • Capital
  • Revenue

  • 8. 
    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

  • 9. 
    The factor of production that includes the physical land and resources that come directly from the earth.

  • Land
  • Labor
  • Capital
  • Entrepreneurship

  • 10. 
    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)

  • 11. 
    The four factors of production.

  • Machines, Money, Oil, Plastic
  • money, big cars, money, diamond rings
  • Natural Resources, Labor, Capital, Entrepreneurship

  • 12. 
    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

  • 13. 
    What factor of production does this picture represent?

  • Land
  • Capital
  • Labor
  • Entrenprenour

  • 14. 
    The basic problem of economics that develops because humans have unlimited wants but limited resources.

  • Absolute Advantage
  • Economics
  • Scarcity
  • Comparative Advantage

  • 15. 
    The study of how people seek ways to meet their wants and needs by making choices is called?

  • Economics
  • Philosophy
  • Capitalism

  • 16. 
    There are 4 _______________. They are land, labor, capital and entrepreneurship.

  • Factors of Production
  • Market Economy
  • Profit
  • Economics

  • 17. 
    The amount of a good or service that is wanted is called:

  • supply
  • demand
  • equilibrium
  • inflation

  • 18. 
    A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

  • Comparative Advantage
  • Equilibrium Point
  • Income Effect
  • Opportunity Cost

  • 19. 
    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
Report Question
warning
access_time
  Time