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WorksheetsEcon 1.1
Total questions: 10
Worksheet time: 10mins
Wealth is only categorized as useful and scarce.
True
False
Scarcity is an economic problem with which all societies face.
True
False
People's needs are limited
True
False
In all societies, the government decides what to produce
True
False
A country with heavy manufacturing and an aging workforce has had a hard time replacing people with machines.
True
False
Societies are faced with which three basic questions about production of goods?
what, how, why
what ,where, when
what, how, for whom
when, where, and for whom
A can of soup is an example of a ___________.
durable good
non-durable good
capital good
service
A car is an example of a ___________.
durable good
non-durable good
capital good
service
Which of the following helps determine somethings value
utility
beauty
scaricty
Both A and C
Ability or capacity of a good or service to be useful & give satisfaction to someone.
wealth
scarcity
utility
service
