Economics Quiz 1-1

Both goods and services are both counted as wealth.

• True

• False

Scarcity is an economic problem that all societies face.

• True

• False

People's needs are limited.

• True

• False

In all societies the government decides what to produce.

• True

• False

Japan employs more people than machines to produce goods.

• 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, 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

• nondurable good

• capital good

• service

Which of the following help determine somethings value?

• utility

• beauty

• scarcity

• both A and C

A nations wealth is made up of

• all nontangible items

• all goods and services

• all tangible items

• All tangible and nontangible items