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Economics
Test Description: What is economics?
Instructions: Answer all questions to get your test result.
1) What are goods?
A
Money
B
Products; things you can see and touch
C
A service
2) What are services?
A
A product
B
A person
C
Things that other people do for you
3) What is scarcity?
A
When your want for something is greater than what is available to you
B
Too much of a good thing
C
When you want something you can get
4) What is a tradeoff?
A
Getting all you want
B
Giving up something for something else
C
Trading baseball cards
5) Human resource is ...
A
a service
B
labor
C
a product
6) A natural resource
A
is man made
B
is found in nature
C
is labor
7) What is a psychological want?
A
Something someone wants that makes them happy
B
Speaking to a therapist
C
Going to the doctor
8) A man made resource is
A
Never available
B
A good that is made by humans
C
Human labor
9) What is a physical need?
A
Something that is necessary for survival
B
Something you want
C
Not necessary for survival
10) In order to live, your physical needs must be met?
A
False
B
Don't Know
C
True
*select an answer for all questions
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