Basic Econ Practice

What is the basic problem of living in a world of unlimited wants and needs, but with limited resources?

• Abundance

• Scarcity

• Sustainability

• Excess

Which of the following is an example of a need?

• Xbox

• Water

• Candy

• Yacht

What are goods in economics?

• Desires not necessary for survival

• Basic items for survival

• Physical items that you can touch, taste, or see

• Tasks being done for you

What is the study of how a society produces and distributes goods and services called?

• Sociology

• Economics

• Anthropology

• Psychology

What are the three questions asked in economics to solve the problem of scarcity?

• Why, when, where

• What, how, who

• Who, why, how

• What, when, where

What does specialization mean?

• Exporting goods

• Importing goods

• Trading with other countries

• Doing what you do best

What is the characteristic of effective money that means it is easily broken into smaller parts?

• Divisible

• Scarce

• Durable

• Portable

What is the stage of money where government-issued currency is accepted by all?

• IOU's

• Precious Metals

• Barter

• Money

What is the formula for productivity?

• outputs-inputs

• outputs/inputs

• inputs-outputs

• inputs/outputs

What is the characteristic of effective money that means it is rare?

• Durable

• Scarce

• Portable

• Divisible