Econreview2

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

A good is or service that has an unintended side effect is called a

• Positive Externaity

• Negative Externality

• Both

• None of the choices

Public Goods are paid by

• The government

• Corporation

• Tax Dollars

• None of the choices

A free rider is a person who would not choose to pay for a good or service bout would use it anyway

• True

• False

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

Which of the following in an example of LAND.

• Coal
• Office Building

House: Goods or Service?

• Goods
• Service

According to an economist, which of the following would be considered "scarce"? 

• A teacher 
• A worker at McDonalds 
• An Astronaut 
• A youth baseball coach