Economics Chapter 1.1

Both goods and services are both counted as wealth.

• true

• False

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

• True

• False

People's needs are limited.

• True

• False

In all societies, the government decides 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

Which of the following helps determine something's value.

• Utility

• Beauty

• Scarcity

• Utility and Scarcity

A nation's wealth is made up of

• All nontangible items

• All goods and services

• All tangible items

• All tangible and nontangible items