In economics, ________ are limited but ________ are unlimited.
A) wants; resources
B) resources; wants
C) money; ideas
D) ideas; money
Ques. 2In economics, all the items that people would consume if they had unlimited income are known as
A) wants.
B) aggregates.
C) outputs.
D) needs.
Ques. 3Which of the following statements is TRUE about scarcity?
A) Both rich and poor people face the problem of scarcity.
B) Scarcity exists only when supply is insufficient to meet demand.
C) Scarcity exists only when a shortage exists.
D) Scarcity can be eliminated when a country becomes richer.
Ques. 4Scarcity refers to
A) a shortage in a good or service.
B) the ability of society to consume all that it produces.
C) the inability of society to satisfy all human wants because of limited resources.
D) the inability of an individual to purchase a good or service due to her limited income.
Ques. 5In economics, items that are used to produce goods and services are known as
A) wants.
B) aggregates.
C) factors of need.
D) resources.
Ques. 6In economic analysis, people's resources are
A) limited and their wants are unlimited.
B) unlimited and their wants are also unlimited.
C) limited and their wants are also limited.
D) unlimited and their wants are limited.
Ques. 7Scarcity arises because
A) resources are finite and are inadequate to meet all human wants.
B) production of goods and services is always slow.
C) companies are slow to explore for new resources.
D) a large number of people live in poverty.
Ques. 8Which statement most accurately defines economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
C) Economics is the study of values a society should choose.
D) Economics is the study of how to eliminate scarcity.
Ques. 9Economics can be described as the study of how people use ________ resources to satisfy ________ wants.
A) unlimited; unlimited
B) unlimited; limited
C) limited; unlimited
D) limited; limited
Ques. 10Economics is best defined as the
A) study of how people make choices to satisfy their wants.
B) study of individual self-interests.
C) study of how government can most efficiently raise funds by taxation.
D) process by which goods are sold in free markets.
Quick Reply
