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Economics Quizzzzz

22 Questions  I  By Med54123
Economics Quizzes & Trivia
Economics quiz.

  
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Question Excerpt

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1.   something like air, food or shelter that is necessary for survival
A.
B.
C.
D.
2.  An item that we desire but that is not essential for survival
A.
B.
C.
D.
3.  Physical objects such as food and clothes
A.
B.
C.
D.
4.  Actions or activites that one person performs for another
A.
B.
C.
D.
5.  People can have everything they need and want, true or false
A.
B.
6.  Because people cannot have everything they need and want - they must decide which choice will fit their needs best
A.
B.
7.  The study of how people seek to satisfy their needs and wants by making choices
A.
B.
C.
D.
8.  The reason why people must make choices is because of
A.
B.
C.
D.
9.  All of the goods and services we produce are scarce
A.
B.
10.  What implies limited quantities of resources to meet unlimited wants
A.
B.
C.
D.
11.  Scarcity and shortage are the same thing
A.
B.
12.  What occurs when producers will not or cannot offer goods and services at the current prices
A.
B.
C.
D.
13.  True or false: goods and services are scarce because they are all made from resources that are scarce
A.
B.
14.  Resources that are used to make all goods and services are known as 
A.
B.
C.
D.
15.  Natural resources are land?
A.
B.
16.  The effort that a person devotes to a task is known as labor
A.
B.
17.  Any human made resource that is used to produce other goods and services 
A.
B.
C.
D.
18.  Human made objects used to create other goods and services are known ? the synonym for capital goods
A.
B.
C.
D.
19.  Physical capital includes buildings and tools & can save time and money
A.
B.
20.  Extra time, more knowledge, and more productivity are not results of physical capital
A.
B.
21.  The knowledge and skills a worker gains through education and experience
A.
B.
C.
D.
22.  Entrepreneurs are ambitious leaders who decide how to combine land labor and capital to create new goods and services
A.
B.
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