pob course test form 4 Thomas
Quiz by Alicia Marcano
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25 questions
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- Q1Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are calledeconomic animals30s
- Q2Humans were created with certain needs. The need for food, clothing, shelter, entertainment andeducation30s
- Q3Activity which results in the satisfaction of our needs is often referred to aseconomic activity30s
- Q4At first man produced everything for himself and his family. When he produced for self and family without outside help, for example making his own house, planting or hunting his own food he engaged indirect production30s
- Q5A .................................................... .................................................... is therefore, persons providing just sufficient to survive but not to improve their way of lifesubsistence economy30s
- Q6................................................ is the exchange of goods or services without the use of money.barter30s
- Q7A disadvantage of Barter was that a person had to find someone else who wanted what he had to exchange and that person had to have what was needed, before exchange could take place. This is known asDouble coincidence of wants30s
- Q8Another disadvantage may be; If an individual failed to find a willing partner within a reasonable time one’s perishable goods could be destroyedSpoilage30s
- Q9With all the difficulties affecting the Barter System a stable system of exchange had to be developed that would not be plagued with the problem of barter. ............................................ therefore solved the problem of Barter.money30s
- Q10Identify a characteristic of moneyAcceptability30s
- Q11Man is termed an ‘economic animal’ because heHas the ability to understand economic activitiesLives a life which is governed by economic principlesStudies economics in order to live a comfortable lifeUtilizes his ability to satisfy his wants from the gifts of nature30s
- Q12Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are calledeconomic animals30s
- Q13Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are calledeconomic animals30s
- Q14Humans were created with certain needs. The need for food, clothing, shelter, entertainment andeducation30s
- Q15One is NOT a function of moneyIndivisibilityMedium of exchangeMeasure of ValueStore of value30s