1 scarcity Quiz

What is scarcity in economic terms?

• The abundance of resources to meet human needs

• The fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants

• The study of how wealth is distributed in society

• A situation where resources are plentiful and needs are limited

What does the study of economics deal with?

• The analysis of historical financial data

• The production of goods and services in a society

• Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources

• The legal framework governing financial transactions

What is a need according to the image?

• Something we would like to have but is not necessary for survival

• A tangible economic product that is useful

• A basic requirement for survival, including food, clothing, and shelter

• An economic product that is not transferable to others

How are wants usually expressed?

• As a basic requirement for survival

• In terms of economic products

• As non-transferable items

• As services only

What are the two groups into which products fall?

• Needs and Wants

• Services and Requirements

• Goods and Services

• Tangible and Intangible

What is an example of a good?

• House

• Book

• Happiness

• Education

What is a durable good?

• An item that wears out within a year of regular use.

• A service that lasts for at least 3 years.

• A good that lasts for at least 3 years when used regularly.

• A consumable product that is used up quickly.

Which of the following is an example of a nondurable good?

• A washing machine

• A car

• Writing paper

• A tractor

What are consumer goods?

• Goods produced by consumers for personal use

• Goods intended for final use by businesses

• Goods intended for final use by consumers rather than a business

• Services provided by businesses to consumers

What is a capital good?

• A financial investment in stocks or bonds

• A tool, equipment, or other manufactured good used to produce other goods and services

• A professional service offered by a financial advisor

• A type of currency used in capital cities