Economics Quiz

What is the fundamental economic problem facing all societies?

• Unlimited resources

• Abundance of resources

• Scarcity of resources

• Equal distribution of resources

Which of the following is a basic requirement for survival?

• Luxury items

• Entertainment

• Food

• Electronics

What is the social science dealing with how people satisfy seemingly unlimited needs and wants with scarce resources?

• Sociology

• Anthropology

• Psychology

• Economics

What is something we would like to have but is not necessary for survival?

• Need

• Desire

• Want

• Requirement

What is a tangible economic product that is useful and used to satisfy wants and needs?

• Utility

• Service

• Capital good

• Good

What is a good that lasts for at least three years when used regularly?

• Consumer good

• Nondurable good

• Durable good

• Service

Organize these wants or needs into the right categories

Groups:

(a) Want

,

(b) Need

• 
• 
• 
• 
• 
• 
• 
• 

Explain what a durable good is?

Organize these Durable and Non Durable Goods into the right categories

Groups:

(a) Nondurable Good

,

(b) Durable Good

• Cars

• Tractors

• Flowers

• Food

• Vaccums

• Homes

• Clothing

• Paper

What does TINSTAAFL mean?

• There is no such thing as a futbol league

• There is no such thing as a Florida Legislature

• There is no such thing as a Free Lunch

• There is no Such thing as a Fast Lunch