About this Study Set
This study set covers Microeconomics through
20 practice questions.
An introduction to basic economic concepts like scarcity, exchange, and value. Every question includes the correct answer so you can learn as you go — pick any format above to get started.
Questions & Answers
Browse all 20 questions from the
Microeconomics for Curious Minds study set below.
Each question shows the correct answer — select a study format above to practice interactively.
1
What is the economic term for when there is not enough of a resource to meet everyone's wants?
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A
Scarcity
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B
Abundance
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C
Surplus
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D
Waste
2
In economics, what is the 'opportunity cost' of choosing to play with a toy instead of reading a book?
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A
The price of the toy
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B
The fun you missed from reading the book
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C
The time of day
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D
The book's color
3
What is a 'good' in economics?
-
A
Being kind to others
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B
A physical object that people want
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C
Doing a chore for someone
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D
A feeling of happiness
4
When someone cleans your room for money, what is that work called?
-
A
A good
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B
A product
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C
A service
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D
An investment
5
What does a 'producer' do?
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A
Buys things at a shop
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B
Makes or provides things for others
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C
Decides the weather
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D
Only eats food
6
What is the person who buys and uses a good or service called?
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A
A consumer
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B
A producer
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C
A manufacturer
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D
A government
7
Which of these is a 'natural resource' used to make products?
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A
A plastic robot
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B
A wooden chair
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C
Water from a river
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D
A metal coin
8
If a store has too many of an item that nobody wants, what is that called?
-
A
Scarcity
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B
Surplus
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C
Demand
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D
Need
9
What is 'barter'?
-
A
Trading one item directly for another
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B
Buying things with coins
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C
Asking for a gift
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D
Borrowing money
10
What is the main purpose of money in an economy?
-
A
To decorate a wallet
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B
To make things heavy
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C
To act as a medium of exchange
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D
To play games with
11
What do we call the things people must have to survive, like water and shelter?
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A
Wants
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B
Needs
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C
Luxuries
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D
Extras
12
If the price of a toy goes up very high, what usually happens to the number of people who buy it?
-
A
It goes up
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B
It goes down
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C
It stays the same
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D
It disappears forever
13
What is a 'market'?
-
A
A place where people trade goods and services
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B
A place to hide
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C
A type of school
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D
A game of tag
14
What are the tools and machines used to make other goods called?
-
A
Natural resources
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B
Capital goods
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C
Consumer goods
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D
Wants
15
What is 'demand' in economics?
-
A
How much people want to buy something
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B
How much a store hides
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C
How many people work
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D
The name of a toy
16
When a baker uses flour to make bread, what is the flour?
-
A
A finished good
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B
A raw material
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C
A service
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D
A toy
17
Which of these is a 'want' rather than a 'need'?
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A
Drinking water
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B
A fancy video game
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C
Eating healthy food
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D
Wearing warm clothes
18
What do we call the skill and effort people use to produce goods?
-
A
Labor
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B
Money
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C
Waste
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D
Buying
19
What happens to the supply of apples if a storm destroys the apple trees?
-
A
The supply goes up
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B
The supply goes down
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C
The supply stays the same
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D
Apples become free
20
What does the 'price' of an item tell us?
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A
How heavy it is
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B
How much it costs to acquire
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C
Who made it
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D
What color it is
