Economic Principles and Market Structures

What is the primary need for humans to survive?

• Tertiary needs

• Luxury goods

• Secondary needs

• Primary needs

Which of the following is a type of human need based on its importance?

• Primary

• Secondary

• Quaternary

• Tertiary

What is the term for the limited availability of resources to meet unlimited wants?

• Excess

• Surplus

• Scarcity

• Abundance

Which factor does NOT influence human needs?

• Income

• Age

• Weather

• Religion

What type of need is related to physical well-being?

• Physical needs

• Material needs

• Social needs

• Spiritual needs

What is the relationship between supply and demand?

• Equal relationship

• Directly proportional

• Inverse relationship

• No relationship

What is the main purpose of economic actions?

• To satisfy unlimited wants

• To create scarcity

• To increase prices

• To reduce needs

Which of the following is a characteristic of a producer household?

• They are consumers only

• They do not own production factors

• They produce goods and services

• They only buy goods

What is the role of the government in the economy?

• To eliminate all businesses

• To regulate economic activities

• To increase taxes only

• To control prices only

What is inflation primarily caused by?

• Decrease in demand

• Increase in supply

• Decrease in production costs

• Increase in money circulation