PERSONAL FINANCE FINAL EXAM 2025 - True/False Questions

One of the problems with economics is that wants are unlimited.

Goods and services are produced through the use of economic resources.

Competition helps keep prices at a reasonable level.

Scarcity is a problem that is faced by individuals only, not by businesses or governments.

Food, clothing, and shelter are examples of basic wants.

Determining which of its citizens should benefit from the production of goods and services is something each nation must decide.

In a system of capitalism, the government decides what will be produced with the resources available.

When the supply exceeds the demand of the consumer, there will be a surplus.

The Consumer Price Index (CPI) is the current value of all goods and services produced in our country in one year.

A market economy is one in which individuals are free to engage in business transactions. (Fill in the blank)

(a)