Exam Illuminate Version Chapter 1 Economic Decisions and Systems

Front

Which of the following statements is true about needs?
Needs are essential.
Needs add to the quality of life.
Needs are limited.
Needs are not important.

Back

Needs are essential.

Front

What do wants do according to the learning material?

Back

Wants add to the quality of life (desires).

Front

Which of the following is true about needs and wants? Needs and wants are limited., Needs and wants are essential., Needs and wants are unlimited., Needs and wants are not important.

Back

Needs and wants are unlimited.

Front

What is the main difference between a need and a want?

Back

Needs are those things required to live and function, such as food, clothing, and shelter.

Front

Which of the following is an example of a want? Food, Clothing, Television, Clean air

Back

Television

Front

Which of the following is NOT considered a need? Education, Job, Latest smartphone, Health care

Back

Latest smartphone

Front

Which country is the largest producer of goods and services in the world?

Back

United States

Front

In 2013, the United States produced more than which two countries combined? China and Germany, Japan and Germany, China and Japan, India and China

Back

China and Japan

Front

Which country is the world's largest consumer?

Back

United States

Front

From what type of economy did the United States shift to an industrialized economy? Options: Service-based economy, Technology-based economy, Agriculture-based economy, Manufacturing-based economy

Back

Agriculture-based economy