PERSONAL FINANCE FINAL EXAM 2025 - True/False Questions

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

• True

• False

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

• True

• False

Competition helps keep prices at a reasonable level.

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False

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