Questions & Answers
Browse all 20 questions from the
Microeconomics for Young Learners study set below.
Each question shows the correct answer — select a study format above to practice interactively.
1
What is the economic term for the limited amount of resources, like water or toys, available to us?
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A
Scarcity
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B
Abundance
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C
Surplus
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D
Infinite
2
When a shop has more items than people want to buy, what is that called?
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A
Shortage
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B
Surplus
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C
Demand
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D
Need
3
What do we call the person who buys or uses a product?
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A
Producer
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B
Worker
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C
Consumer
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D
Seller
4
Which resource is considered 'natural' because it comes from the earth?
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A
A plastic toy
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B
An iPad
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C
Water
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D
A factory
5
If everyone wants to buy a specific toy but there are very few made, what happens to the price?
-
A
It stays the same
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B
It goes up
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C
It goes down
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D
It disappears
6
What is the process of exchanging one item for another item without using money called?
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A
Barter
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B
Buying
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C
Selling
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D
Investing
7
What word describes the things used to make goods and services, such as machines and wood?
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A
Wants
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B
Needs
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C
Factors of production
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D
Savings
8
What do we call the act of saving money instead of spending it right away?
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A
Investing
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B
Consumption
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C
Deferred gratification
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D
Borrowing
9
Which of these is a 'service' rather than a 'good'?
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A
A slice of pizza
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B
A haircut
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C
A pencil
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D
A book
10
What is the 'opportunity cost' if you spend your only dollar on a sticker?
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A
The candy you didn't buy
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B
The store you visited
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C
The friend you saw
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D
The money you saved
11
Who creates or makes the goods that are sold in shops?
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A
Consumer
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B
Producer
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C
Buyer
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D
Client
12
What describes items that are necessary for human survival, like food and shelter?
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A
Wants
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B
Luxuries
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C
Needs
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D
Imports
13
What is an item called that you enjoy having but do not need to survive?
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A
Need
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B
Requirement
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C
Want
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D
Essential
14
If a store runs out of milk and cannot get more, what is this called?
-
A
Surplus
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B
Shortage
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C
Demand
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D
Profit
15
What is the money earned from selling a product after paying for the cost to make it?
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A
Profit
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B
Tax
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C
Debt
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D
Wage
16
Which of these is an example of human capital?
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A
A hammer
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B
A teacher's knowledge
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C
A wooden table
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D
A delivery truck
17
What is the name for a place where people buy and sell goods and services?
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A
School
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B
Market
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C
Playground
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D
Bank
18
What happens to the price of an item if it becomes very easy to find and everyone has one?
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A
It goes up
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B
It stays the same
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C
It goes down
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D
It is banned
19
What do we call the tools and machines used to help people do their work?
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A
Capital goods
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B
Natural resources
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C
Consumer wants
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D
Human resources
20
What is the person who organizes resources to create a new business or product called?
-
A
Customer
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B
Entrepreneur
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C
Employee
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D
Consumer
