Intro to Econ

Front

Scarcity is an economic problem with which all societies are faced.

Back

True

Front

In all societies, the government decides what to produce.

Back

False

Front

Both goods and services are counted as wealth.

Back

False

Front

Societies are faced with which three basic questions about production of goods?

Back

what, how, and for whom

Front

A can of soup is an example of a

Back

nondurable good.

Front

A car is an example of a

Back

durable good.

Front

Which of the following helps determine something’s value?
Options: utility, beauty, scarcity, both A and C

Back

both A and C

Front

Computers used to produce magazine articles are considered...

Back

capital

Front

The South’s rainy season is considered...

Back

land

Front

The manager of a car repair shop would be considered...

Back

labor