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