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Are You Satisfied?

Quiz by Jane Nelms

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20 questions
Show answers
  • Q1
    Into what two categories can wants be divided?
    Unlimited and noneconomic
    Unlimited and limited
    Economic and noneconomic
    Unlimited and economics
    30s
  • Q2
    Seeing a movie at a theatre would be considered a(n) __________ want.
    limited
    noneconomic
    unlimited
    economic
    30s
  • Q3
    Friendship would be considered a(n) __________ want.
    unlimited
    economic
    noneconomic
    limited
    30s
  • Q4
    Which one of the following groups of words best describes wants:
    Limited, unchanging, and competing
    Unlimited, unchanging, and compensating
    Limited, changing, and compensating
    Unlimited, changing, and competing
    30s
  • Q5
    Water and air are examples of __________ resources, while people are considered to be __________ resources.
    physical; mental
    mental; natural
    natural; human
    capital; human
    30s
  • Q6
    In economics, capital goods include
    trees and water.
    buildings and equipment.
    mental and physical work.
    labor and management.
    30s
  • Q7
    Why are resources considered limited?
    There are not enough available for everyone to have as much of them as desired.
    There are so many that people must decide which ones to choose at any one time.
    Everyone has them, and they change.
    Entrepreneurs do not invest enough of them.
    30s
  • Q8
    A gap between unlimited wants and limited resources creates
    wants.
    scarcity.
    resources.
    economics.
    30s
  • Q9
    Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
    a producer.
    economonizing
    creating scarcity
    increasing distribution.
    30s
  • Q10
    John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
    $40
    No opportunity cost was involved.
    Trip to amusement park
    New pair of jeans
    30s
  • Q11
    A manager is willing to accept the production of fewer products as long as her workers produce higher quality products. The manager is making a(n)
    exchange.
    trade-off.
    capital good.
    distribution.
    30s
  • Q12
    What are the three basic economic questions?
    When will products be produced, what products will be produced, and how will products be allocated
    Where will products be produced, when will products be produced, and what products will be produced
    When will products be produced, how will products be produced, and how will products be allocated
    What products will be produced, how will products be produced, and how will products be allocated
    30s
  • Q13
    The heart of economics is
    trade-offs.
    decision making.
    wants.
    resources.
    30s
  • Q14
    Which of the following is the best reason for studying economics:
    To find the best use for resources and supplies
    To prepare for effective decision making and responsible citizenship
    To learn how to invest money and express social responsibility
    To determine which occupations interest you
    30s
  • Q15
    The ultimate goal of all economic activity is
    consumption.
    distribution.
    production.
    exchange.
    30s

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