Chapter 1 Economics

Front

Which of the following is NOT counted as wealth? Goods, Services, Tangible products, Capital goods

Back

Services

Front

Which of the following is a basic requirement for survival? Want, Wealth, Need, Utility

Back

Need

Front

Which of the following categories does NOT belong to the types of goods mentioned? Durable goods, Nondurable goods, Consumer goods, Intangible goods

Back

Intangible goods

Front

What are the three basic economic questions all societies face?

Back

What to produce, How to produce, For whom to produce

Front

What is the second basic economic question societies must answer?

Back

How to produce

Front

What is the main focus of the three basic economic questions?

Back

Use of resources

Front

What is the significance of the question "What to produce"?

Back

It determines the types of goods and services to be produced

Front

What is the ultimate goal of answering the three basic economic questions?

Back

Efficient use of resources

Front

Which of the following is an example of "For Whom to Produce"? The wealthy, Many workers, Consumer goods, Military equipment

Back

The wealthy

Front

What is an example of a product that falls under "What to Produce"?

Back

Many machines