final exam for D1.

Why does scarcity exist?

• Each year workers tend to produce less than previously 
• Machines wear out in time
• There are not sufficient resources to meet everyone's wants
• There is a limit to people's wants 

Why will scarcity continue to be a problem in the future?

• Prices will rise
• Resources will always be finite 
• Needs will decrease in the future 
• World population will fall 

A need is

• something we have to have in order to survive
• something we have to have to make our life better

A want is

• something we have to have in order to survive
• something we would like to have to make our life better

Which is not an example of a need

• water
• clothing
• a holiday abroad
• shelter

Economics is the study of how people seek to not satisfy their needs and wants by making bad choices.

• True

• False

What is the fundamental problem of economics? 

• How to keep consumers out of debt

• How to fulfill our limited wants and needs with unlimited resources

• How to fulfill our unlimited wants and needs with limited resources

• How to figure out the way to make the most money

A population gets smaller by____________

• immigration and death
• immigration and birth
• emigration and birth
• emigration and death

A population increases when_________________

• individuals die
• individuals are born
• individuals emigrate

What is the current human population?

• less than 6 billion

• 7-8 billion

• 8-9 billion

• Over 9 billion