Business Quiz 1.1-1.2

Which is a principle in economics?

• People need only food and water
• People have unlimited needs, limited wants
• People have unlimited wants
• People have unlimited resources

Which is NOT an example of a good?

• steel
• power
• automobiles
• aircraft parts

Activities that are consumed at the same time they are produced are known as

• finite
• infinite
• services
• human resources

Which would NOT be a business need for a Five Guys restaurant?

• potatoes
• power
• space
• e-commerce

Which nation is poised to take over as the world's number 1 economy?

• Japan
• China
• South Korea
• Russia

Which is NOT a renewable natural resource?

• timber
• oil
• water
• solar energy

Which is an example of a capital resource?

• high-skilled professional staff
• mineral deposits
• building and land
• educational prerequisites

In capitalism, who decides the price of goods for sale?

• the state
• company workers
• the market
• the C.E.O.

Which majors offer the highest starting salaries for a 4-year degree?

• Engineering
• Accounting
• Psychology
• Agriculture

The basic economic problem posits that

• as 1 want is met another replaces it
• as 1 want is met life loses meaning
• as 1 need is met 2 replace it
• as 1 need is met, 1 want goes away