Desires that can be satisfied by consuming a good or service are known as _____.
Economics U1: Basics of Economics (No Math)

Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium
Blake Bishop
Used 127+ times
FREE Resource
39 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Wants
Needs
Scarcity
Economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ exists when there are not enough resources to satisfy human wants.
Wants
Needs
Scarcity
Economics
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics, things that are necessary for survival are called _____.
Wants
Needs
Scarcity
Economics
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of how people choose to use scarce resources to satisfy their wants is known as ______.
Wants
Needs
Scarcity
Economics
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following choices best lists the three fundamental economic questions?
What to produce, how to produce, and for whom to produce
What time to produce, what place to produce, and how to produce
What to produce, when to produce, and where to produce
What to produce, when to produce, and for whom to produce
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The idea of the "Invisible Hand" which brings balance to the economy is attributed to the famed economist, __________________.
Richard III of Normandy
Richard Keynes
Adam Smith
Adam Lambert
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On a Production Possibilities Curve, where would you find efficient production?
On the curve
Inside the curve
Outside the curve
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