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Basic Economic Concepts

Authored by James Adams

Other Sciences, Other

12th Grade - University

20 Questions

Used 599+ times

Basic Economic Concepts
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does scarcity exist?

Wealthy private business owners keep all of the money for themselves.

Governments control all the resources in society.

There are unlimited needs and wants but limited resources from which to satisfy them.

There are limited needs and wants but unlimited resources to satisfy them.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity force societies to have to do?

Make choices

Make money

Lose resources

Have winners and losers.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food, water, shelter, and entertainment are all considered economic needs.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following is considered an economic want?

Food & Water
Clothing
Shelter
Transportation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that lasts three years or more when used on a regular basis is called a

Capital Good
Consumable Good
Nondurable Good
Durable Good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a nondurable good?

John Deere Tractor
Lincoln Welding Torch
Blow dryer
toilet paper

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following could be considered both a durable good and consumer good?

Automobile
condoms
dental floss
a loaf of bread

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