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Economics: Introduction Practice Tests

These Grade 9 Social Studies practice tests introduce how people, businesses, and governments make choices with scarce resources. Questions cover scarcity, opportunity cost, incentives, production, specialization, supply and demand, markets, economic systems, trade, and basic economic indicators.

Skills covered

  • Explaining scarcity, opportunity cost, trade-offs, incentives, marginal analysis, and rational choices
  • Identifying land, labor, capital, entrepreneurship, productivity, specialization, division of labor, and human capital
  • Applying demand, supply, equilibrium, shortages, surpluses, market changes, and production costs
  • Comparing market, command, and mixed economies and explaining property rights, competition, public goods, and externalities
  • Understanding comparative advantage, imports, exports, tariffs, GDP, unemployment, inflation, and economic growth

How to use these practice tests

Begin by identifying the scarce resource or economic decision. Then determine the opportunity cost, incentive, market force, or indicator involved and connect it to the evidence in the question.

For more Grade 9 Social Studies practice, return to the Grade 9 Social Studies category.

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Grade 9 Economics: Introduction Practice Tests

Practice Grade 9 Social Studies questions about scarcity, opportunity cost, production, incentives, supply and demand, economic systems, trade, and basic economic indicators.

Choose the best answer. Identify the scarce resource, incentive, market force, economic system, or indicator described and apply the relevant principle.

10 Questions
0/10 Questions0 %
Correct 0
Incorrect 0
Unanswered 10
1. QuestionMultiple choice

What does the law of demand generally state?

Please select an answer first.

Correct answer: A

The correct answer is When price rises, quantity demanded tends to fall, holding other factors constant..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: The law of demand describes an inverse relationship between price and quantity demanded when other conditions are held constant.
  3. Check the answer: The correct answer is When price rises, quantity demanded tends to fall, holding other factors constant..

The law of demand describes an inverse relationship between price and quantity demanded when other conditions are held constant.

2. QuestionMultiple choice

What does the law of supply generally state?

Please select an answer first.

Correct answer: B

The correct answer is When price rises, quantity supplied tends to rise, holding other factors constant..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: The law of supply describes a positive relationship between price and quantity supplied in a typical market.
  3. Check the answer: The correct answer is When price rises, quantity supplied tends to rise, holding other factors constant..

The law of supply describes a positive relationship between price and quantity supplied in a typical market.

3. QuestionMultiple choice

What is demand?

Please select an answer first.

Correct answer: C

The correct answer is The quantities consumers are willing and able to buy at different prices..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: Demand includes both willingness and ability to purchase and is represented by a schedule or curve across prices.
  3. Check the answer: The correct answer is The quantities consumers are willing and able to buy at different prices..

Demand includes both willingness and ability to purchase and is represented by a schedule or curve across prices.

4. QuestionMultiple choice

What is supply?

Please select an answer first.

Correct answer: D

The correct answer is The quantities producers are willing and able to sell at different prices..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: Supply represents producers' willingness and ability to offer goods or services at different prices.
  3. Check the answer: The correct answer is The quantities producers are willing and able to sell at different prices..

Supply represents producers' willingness and ability to offer goods or services at different prices.

5. QuestionMultiple choice

What is market equilibrium?

Please select an answer first.

Correct answer: A

The correct answer is The price and quantity where quantity demanded equals quantity supplied..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: At equilibrium, planned purchases and planned sales match, so there is no market pressure from a shortage or surplus in the simple model.
  3. Check the answer: The correct answer is The price and quantity where quantity demanded equals quantity supplied..

At equilibrium, planned purchases and planned sales match, so there is no market pressure from a shortage or surplus in the simple model.

6. QuestionMultiple choice

What is a shortage?

Please select an answer first.

Correct answer: B

The correct answer is A situation in which quantity demanded is greater than quantity supplied at a given price..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: A shortage occurs when buyers want more than sellers offer at the current price, creating pressure for price or quantity to change.
  3. Check the answer: The correct answer is A situation in which quantity demanded is greater than quantity supplied at a given price..

A shortage occurs when buyers want more than sellers offer at the current price, creating pressure for price or quantity to change.

7. QuestionMultiple choice

What is a surplus?

Please select an answer first.

Correct answer: C

The correct answer is A situation in which quantity supplied is greater than quantity demanded at a given price..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: A surplus occurs when sellers offer more than buyers purchase at the current price.
  3. Check the answer: The correct answer is A situation in which quantity supplied is greater than quantity demanded at a given price..

A surplus occurs when sellers offer more than buyers purchase at the current price.

8. QuestionMultiple choice

Which change would most likely increase demand for a normal good?

Please select an answer first.

Correct answer: D

The correct answer is An increase in consumer income, assuming other factors stay constant..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: For a normal good, higher income can increase consumers' ability and willingness to buy at each price.
  3. Check the answer: The correct answer is An increase in consumer income, assuming other factors stay constant..

For a normal good, higher income can increase consumers' ability and willingness to buy at each price.

9. QuestionMultiple choice

Which change would most likely decrease supply?

Please select an answer first.

Correct answer: A

The correct answer is An increase in production costs..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: Higher input costs reduce the profit from producing at each price and can shift supply left.
  3. Check the answer: The correct answer is An increase in production costs..

Higher input costs reduce the profit from producing at each price and can shift supply left.

10. QuestionMultiple choice

Why does the equilibrium price tend to change after a shortage?

Please select an answer first.

Correct answer: B

The correct answer is Buyers compete for limited goods, creating upward pressure on price in a flexible market..

  1. Identify the economics concept: Determine whether the question concerns scarcity, choices, production, markets, trade, or economic indicators.
  2. Apply the economic principle: In a simple market, rising prices can reduce quantity demanded and increase quantity supplied until the shortage narrows.
  3. Check the answer: The correct answer is Buyers compete for limited goods, creating upward pressure on price in a flexible market..

In a simple market, rising prices can reduce quantity demanded and increase quantity supplied until the shortage narrows.

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