Scarcity, Needs & Wants, Goods & Services

Multiple Choice

Every decision in life is an economic decision.

• TRUE

• FALSE

Multiple Choice

Scarcity is the basis for all economics.

• TRUE

• FALSE

Multiple Choice

Because it is desirable, sunshine is scarce.

• TRUE

• FALSE

Multiple Choice

Because it is limited, polio is scarce.

• TRUE

• FALSE

Multiple Choice

Because water covers three-fourths of the earth’s surface and is renewable, it cannot be considered scarce.

• TRUE

• FALSE

Multiple Choice

An understanding of incentives is basic to the study of economics.

• TRUE

• FALSE

Multiple Choice

The main cost of going to college is tuition, room and board.

• TRUE

• FALSE

Multiple Choice

If mass transportation fares are raised, almost everyone will take the trains anyway.

• TRUE

• FALSE

Multiple Choice

Property rights define ownership of a resource.

• TRUE

• FALSE

Multiple Choice

You get what you pay for.

• TRUE

• FALSE

Multiple Choice

If someone makes an economic gain, someone else loses.

• TRUE

• FALSE

Multiple Choice

There are no cost-less decisions.

• TRUE

• FALSE

Multiple Choice

LATEST CELL PHONE

• NEED

• WANT

Multiple Choice

GOOD OR SERVICE

• GOOD

• SERVICE

Multiple Choice

FANCY MANSION

• NEED

• WANT

Multiple Choice

GOOD OR SERVICE

• GOOD

• SERVICE

Multiple Choice

FOOD & WATER

• NEED

• WANT

Multiple Choice

GOOD OR SERVICE

• GOOD

• SERVICE

Multiple Choice

BASIC CAR

• NEED

• WANT

Multiple Choice

GOOD OR SERVICE

• GOOD

• SERVICE

Multiple Choice

BASIC HOUSE

• NEED

• WANT

Multiple Choice

GOOD OR SERVICE

• GOOD

• SERVICE