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- 1. Multiple Choice
What do economists mean by the term "scarcity"?
Having too few or too little of resources
Having too many resources
Having just enough resources
Having the correct amount of resources
- 2. Multiple Choice
Which choice best describes the economic problem of scarcity in the world?
People have limited wants there is an unlimited amount of resources.
People have unlimited wants but there is a limited amount of resources
People have no wants so resources don't matter
- 3. Multiple Choice
These productive resources are raw materials that come from nature or the earth that people use to make goods.
Natural Resources
Human Resources
Capital Resources
- 4. Multiple Choice
Which of the following are examples of goods?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
- 5. Multiple Choice
Which of the following are examples of services?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
- 6. Multiple Choice
Which of the following is not one of the three basic questions economists try to solve?
What should be produced?
How should it be produced?
Who gets what is produced?
When should it be produced?
- 7. Multiple Choice
Which two countries would likely trade with each other?
Two countries that are located far away from each other
Two countries that both have the same population.
Two countries who people both speak the same language.
Two countries that each specialize in producing different goods.
- 8. Multiple ChoiceA person who buys goods and servicesconsumerentrepreneurresourcecurrency
- 9. Multiple ChoiceHow much people want somethingsupplydemand
- 10. Multiple ChoiceHow much of something is availablesupplydemand
- 11. Multiple Choice
Why would a business want to spend their money to invent new items?
They can save money
They will fix broken items
They can buy cool goods
They can make new goods to sell
- 12. Multiple Choice
iPhone X just came out and many people want it. What will happen to the price?
- 13. Multiple Choice
Halloween is almost here! The supply of candy is going down. What will happen to the price?
- Answer choicesTagsAnswer choicesTags