Economics Quiz

What is the study of how societies try to satisfy their wants and needs through the use and management of limited resources?

• Sociology

• Economics

• Psychology

• Anthropology

What is the primary function of an economy?

• To create laws

• To produce and distribute goods to its citizens

• To provide entertainment

• To manage political affairs

Which of the following is NOT one of the three questions of economics?

• What to produce

• How to produce it

• When to produce it

• Who to produce it for

What is the condition of not having enough resources, which is a fundamental problem of economics?

• Abundance

• Scarcity

• Surplus

• Wealth

Which of the following is an example of a need?

• iPhone

• Shelter

• Car

• Bottled Water

Which of the following is an example of a want?

• Clean water

• Antibiotics

• Bed

• Air

What does the term 'needs' refer to in economics?

• A desire for a specific item

• Something we require to survive

• A luxury item

• An unnecessary item

What does the term 'wants' refer to in economics?

• Something essential for survival

• A desire for a specific item that does not help with survival

• A basic necessity

• A natural resource

Which of the following is a need?

• Car

• House

• Antibiotics

• Bottled Water

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)