Econ 1.1

Wealth is only categorized as useful and scarce.

• True

• False

Scarcity is an economic problem with which all societies face.

• True

• False

People's needs are limited

• True

• False

In all societies, the government decides what to produce

• True

• False

A country with heavy manufacturing and an aging workforce has had a hard time replacing people with machines.

• True

• False

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

• what, how, why

• what ,where, when

• what, how, for whom

• when, where, and for whom

A can of soup is an example of a ___________.

• durable good

• non-durable good

• capital good

• service

A car is an example of a ___________.

• durable good

• non-durable good

• capital good

• service

Which of the following helps determine somethings value

• utility

• beauty

• scaricty

• Both A and C

Ability or capacity of a good or service to be useful & give satisfaction to someone.

• wealth

• scarcity

• utility

• service