Chapter 1

Chapter 1

University

10 Qs

quiz-placeholder

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Chapter 1

Chapter 1

Assessment

Quiz

Business

University

Practice Problem

Medium

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John Boyd

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a need?

A smartphone

A vacation

Water

A luxury car

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary difference between needs and wants?

Needs are essential for survival, while wants are not.

Wants are essential for survival, while needs are not.

Needs and wants are both essential for survival.

There is no difference between needs and wants.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a service?

A laptop

A haircut

A book

A car

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource is coal?

Capital resource

Human resource

Natural resource

Manufactured resource

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are economic resources considered scarce?

They are unlimited in supply.

They are limited in supply.

They are always available.

They are not needed for production.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

Unlimited resources and limited wants

Limited resources and unlimited wants

Unlimited resources and unlimited wants

Limited resources and limited wants

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a capital resource?

A factory building

A forest

A teacher

A river

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