Virtual Quiz Bee- Social Studies 9

People are subject to individual differences. Each one of us has different needs and wants to satisfy ourselves. Which is the highest degree of human needs?

• Self-esteem

• Need to belong

• Self-actualization

• Food, clothing, and shelter

It is said that people have unlimited needs and wants. Which of the following statements is true?

• Human needs are always material things.

• Human needs have different degrees.

• Human needs and wants are predictable.

• Human needs and wants are expensive in nature.

Needs and wants change as time passes by or as a person grows older. Which factors affect the change?

• Age

• Income

• Education

• Tastes and preference

Hierarchy of human needs is a famous theory about human needs. Who formulated this theory?

• Adam Smith

• David Ricardo

• Simon Kuznets

• Abraham Harold Maslow

An economic system in which a state controls and owns all the industries and resources of the country is known as:

• Socialism

• Capitalism

• Communism

• Mercantilism

Private individuals have the right to enter into a business which the prime motive is to gain profit. The government does not interfere with the business activities of people which are emphasized on the doctrine known as:

• Das Kapital

• Laissez Faire

• Absolute Advantage

• Diminishing Marginal Returns

It is an economic system that allows ownership of property, free enterprise, and competition to acquire profit.

• Socialism

• Feudalism

• Capitalism

• Communism

Mercantilism paved the way for countries to compete with one another to become powerful. The basis for supremacy is the accumulation of:

• Lands

• Money

• Gold and silver

• Precious stones

He is a known socialist who believed in the equality of people in society. He is called “Father of Communism”. Who is he?

• Karl Marx

• David Ricardo

• Friedrich Engel

• Benito Mussolini

Factors that change the demand

• Tax

• Income

• Subsidy

• Expenditure