What is economics?

Both goods and services are counted as wealth

• true

• false

Scarcity is an economic problem with which all societies are faced.

• true

• false

In all societies the government decided what to produce

• true

• false

Societies are faced with which three basic questions about production of goods?

• what, how, and why

• what, where, and when

• what, how, and for whom

• when, where, and for whom

A can of soup is an example of a

• durable good

• nondurable good

• capital good

• service

A car is an example of

• durable good

• nondurable good

• capital good

• service

Which of the following helps determine something's value?

• utility

• beauty

• scarcity

• both A and C

A nations wealth is made up of

• all intangible items

• all goods and services

• all tangible items

• all tangible and intangible items