Quiz 2 Unit 1 / 8-12-2024

Which of the following is an example of a "want"?

• Food

• Shelter

• Clothing

• Conveniences

According to the learning material, what is the primary difference between "needs" and "wants"?

• Needs are optional, wants are essential

• Needs are essential for survival, wants are not

• Needs are luxuries, wants are necessities

• Needs are for entertainment, wants are for survival

Which of the following is NOT mentioned as a "need" in the learning material?

• Food

• Shelter

• Clothing

• Conveniences

What is the primary use of Capital Goods?

• Personal consumption

• Producing other goods

• Decoration

• Exporting

Which factor of production involves tools and machinery?

• Land

• Labor

• Capital

• Entrepreneurship

Which of the following is NOT a focus of microeconomics?

• Choices made by individuals

• Interaction in specific markets

• Individual parts of an economy

• National economic policies

Microeconomics is primarily concerned with which of the following?

• Global economic trends

• Individual parts of an economy

• National economic policies

• International trade

The study of macroeconomics includes which of the following?

• Individual consumer behavior

• Small-scale economic activities

• Big picture and overall trends

• Specific industries

Which of the following is NOT one of the three major economic systems?

• Traditional

• Command

• Market

• Industrial

Traditional economies rely on which of the following to make economic decisions?

• Scientific research

• Ritual, habit, or customs

• Political debates

• Consumer surveys