1.4 Quiz

Money provides a standard basis for exchange.

• True
• False

Credit allows you to use a product only after you have made all your payments.

• True
• False

Value can be determined by a product’s utility to a person.

• True
• False

True self-sufficiency is rare because resources are limited.

• True
• False

Interdependence encourages nations to produce a variety of products.

• true
• False

Exchanging one set of goods for another is an example of...

• interdependence
• value
• barter
• money

Any item that is readily accepted by people in return for goods and services.

• barter
• money
• value

Usefulness to a person

• utility
• money
• value

The ability to fulfill all outside needs without outside assistance

• utility
• value
• self sufficiency
• money

The reliance among economic factors

• interdependence
• utility
• value
• barter
• Option 5