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- 1. Multiple Choice
These are purchases that are not required for survival.
wants
needs
free goods
economic goods
- 2. Multiple Choice
These are goods that do not require resources to make and to gather.
free goods
economic goods
services
wants
- 3. Multiple Choice
What is scarcity?
The condition where resources are not enough to meet needs.
The situation where resources can be renewed.
The action of collecting resources from nature.
The activity that allows people to make money.
- 4. Multiple Choice
Why is scarcity a problem?
It means that people need to think wisely about how resources are used.
It means that you have an unlimited supply of resources.
It means that the only way to be successful is to have unlimited money.
It means that there is no hope of satisfying our basic needs.
- 5. Multiple Choice
Which among the following is a scarce resource?
trees
water
electronic devices
money
- 6. Multiple Choice
According to Abraham Maslow, what type of need must you satisfy before you can start worrying about belongingness?
Physiological Needs
Self-Esteem
Self-Actualization
Self-Worth
- 7. Multiple Choice
What is the fundamental economic problem?
People can't get enough but our resources are limited.
Resources are very abundant and we need to use them.
People are figuring out ways to manage resources.
Nobody knows how to divide resources properly.
- 8. Multiple Choice
These are factors used to produce goods and services.
resources
products
scarcity
services
- 9. Multiple Choice
These are products that need resources in order to create.
economic goods
free goods
renewable goods
expensive goods
- 10. Multiple Choice
Which among the following is an economic good?
car
sunlight
heat from an exhaust pipe
rain water
- 11. Multiple Choice
Which of the following is a free good?
vaccination provided by the government
expired products given away by supermarkets
recycled paper
wind coming from the ocean
- 12. Multiple Choice
Wants and needs are the same for all people.
true
false
- 13. Multiple Choice
All natural resources are scarce.
true
false
- 14. Multiple Choice
Economics deals with the management of scarce resources to _______ wants and needs.
satisfy
destroy
complete
understand
- 15. Multiple Choice
Economics involves the choices we make on how we spend our resources.
true
false
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