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