Grade 9 Economics Quick Quiz

Froggy Jumps

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Economic basics quiz

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Dave Gomez

Philippines

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Grade 9 Economics Quick Quiz


Froggy Jumps Grade 9 Economics Quick QuizOnline version Economic basics quiz by Dave Gomez 1 What is opportunity cost in economics? a The value of the next best alternative forgone b The total money spent on goods c The government budget deficit 2 Which factor causes demand to rise when it increases? a Prices rise for substitutes b People have more income c Supply exceeds demand 3 If demand increases and supply stays the same, what happens to price and quantity? a Price falls, quantity falls b Price rises, quantity falls c Price rises, quantity rises 4 What is GDP? a Total income of households b Total value of all final goods and services produced in a country c Total government spending 5 What is inflation? a A fall in unemployment b A decrease in production c A sustained rise in the general price level 6 Which unemployment occurs when the economy is in a recession? a Frictional unemployment b Structural unemployment c Cyclical unemployment 7 What is fiscal policy primarily controlled by? a The central bank b The government through spending and taxation c Private households 8 What does a budget deficit mean? a Government spends more than it collects in revenue b Exports exceed imports c Households save more than they spend 9 Which would likely increase a country’s trade surplus? a Increasing domestic consumption b Increasing exports while reducing imports c Raising domestic taxes 10 What is the basic principle of the market economy? a All goods are free b Prices allocate resources through supply and demand c Prices are fixed by the government 11 What is scarcity in economics? a Limited resources vs unlimited wants b Abundance of resources c Equal distribution of wealth 12 What is the opportunity cost of choosing #A over #B? a The value of the next best alternative foregone b A monetary tax on the choice c The total cost of all options 13 How does demand typically react to a price decrease? a Quantity demanded increases b Supply shifts left c Quantity demanded decreases 14 Which are the four factors of production? a Income, debt, taxes, credit b Land, labor, capital, entrepreneurship c Goods, services, trade, policy 15 What does GDP measure? a Total value of all final goods and services produced b Total government spending c Total debt of a country 16 What does inflation mean? a General rise in price levels over time b Falling prices c Stable prices only 17 In a market economy, who decides what to produce? a Only producers b Government planners c Prices and consumers through voluntary exchange 18 What is the circular flow model primarily about? a Foreign trade only b Banking regulation c Flow of goods, services, and money between households and firms 19 What is price elasticity of demand? a Amount of tax on goods b Speed of production c Responsiveness of quantity demanded to price changes 20 What is a market signal of scarcity? a Lower prices indicate excess demand b Rising prices indicate limited supply c Constant prices indicate abundance

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Grade 9 Economics Quick Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Grade 9 Economics Quick QuizOnline version

by Dave Gomez

What is opportunity cost in economics?

Which factor causes demand to rise when it increases?

If demand increases and supply stays the same, what happens to price and quantity?

What is GDP?

What is inflation?

Which unemployment occurs when the economy is in a recession?

What is fiscal policy primarily controlled by?

What does a budget deficit mean?

Which would likely increase a country’s trade surplus?

What is the basic principle of the market economy?

What is scarcity in economics?

What is the opportunity cost of choosing #A over #B?

How does demand typically react to a price decrease?

Which are the four factors of production?

What does GDP measure?

What does inflation mean?

In a market economy, who decides what to produce?

What is the circular flow model primarily about?

What is price elasticity of demand?

What is a market signal of scarcity?