An increase in the general price level of goods and services

Middle School Economics Fundamentals

Economics

A collection of fact-based multiple-choice questions covering core economics concepts suitable for middle school curricula.

economics middle school curriculum fundamentals knowledge

15 Questions Medium Ages 11+ Sep 6, 2026

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About this Study Set

This study set covers Economics through 15 practice questions. A collection of fact-based multiple-choice questions covering core economics concepts suitable for middle school curricula. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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1 What is the term for the basic economic problem that arises because people have unlimited wants but resources are limited?

A Abundance
B Scarcity
C Inflation
D Surplus

2 Which of the following is an example of a natural resource used in production?

A A factory building
B A skilled worker
C Crude oil
D Money

3 What does the term 'opportunity cost' refer to in economics?

A The price of the most expensive item
B The value of the next-best alternative that must be forgone
C The total cost of production
D The amount of money saved

4 In a market economy, who primarily makes decisions about what goods and services to produce and how to distribute them?

A The government
B Consumers and producers
C A central planning committee
D Foreign countries

5 What is the basic unit of currency used in Australia?

A The Euro
B The Yen
C The Pound Sterling
D The Australian Dollar

6 Which economic concept describes the total value of all final goods and services produced in a country within a specific period?

A Consumer Price Index
B Balance of Trade
C Gross Domestic Product (GDP)
D Unemployment Rate

7 What is a 'good' in economic terms?

A An intangible service
B Something that satisfies a want or need and has a monetary value
C A donation to charity
D A concept of fairness

8 When the price of a product increases, what generally happens to the quantity demanded, assuming all other factors remain constant?

A It increases
B It decreases
C It stays the same
D It becomes unpredictable

9 What is 'labour' as a factor of production?

A Physical and mental effort used in production
B Machinery and tools
C Land and raw materials
D Financial capital

10 Which of the following is an example of a 'service'?

A A loaf of bread
B A haircut
C A mobile phone
D A car

11 What is 'inflation'?

A A decrease in the general price level of goods and services
B An increase in the general price level of goods and services
C A shortage of available goods
D A government subsidy for businesses

12 What role do businesses play in a market economy?

A They only consume goods and services
B They produce goods and services and employ workers
C They set all prices by government decree
D They are solely responsible for distributing wealth equally

13 What is 'capital' in the context of the factors of production?

A Natural resources like land
B The money used to invest in a business and the tools/machinery used for production
C The work done by employees
D Consumer demand

14 Which of the following is a form of 'income'?

A A loan repayment
B A tax refund
C Wages or salary earned from work
D The purchase of a new item

15 What does 'supply' refer to in economics?

A The amount of a good or service consumers are willing and able to buy at a given price
B The amount of a good or service producers are willing and able to sell at a given price
C The overall demand for all products
D The total amount of money in circulation

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