Year 10 Economics: Week 1/2 Quiz

Why does scarcity exist?

• Each year workers tend to produce less than previously 
• Machines wear out in time
• There are not sufficient resources to meet everyone's wants
• There is a limit to people's wants 

Why will scarcity continue to be a problem in the future?

• Prices will rise
• Resources will always be finite 
• Needs will decrease in the future 
• World population will fall 

The basic economic questions that every society must address include:

• what, how, and for whom

• where, when and why

• which, why and what

• what, where, and for whom

When you make the (incredibly wise) decision to attend Economics class, which economic question are you answering?

• What?

• How?

• For whom?

• Why do we exist? What does it mean to be alive?

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

A place where buyers and sellers meet to exchange goods and services for money is called...

• Market

• Factor of production

• Money

• Interdependent

Which of the following is a need?

• clothes
• car
• job
• smart phone

Which are not a factors of production

• land
• rent
• capital
• interest

A want is

• something we have to have in order to survive
• something we would like to have to make our life better

The basic economic problem can never be eliminated.

• true
• false