Basic Concepts in Economics Quiz

What is the difference between needs and wants?

• Needs are essential for survival, while wants are desires for pleasure and happiness

• Needs are desires for pleasure and happiness, while wants are essential for survival

• Needs and wants are the same thing

• None of the above

When does something that you want become a need or vice versa?

• When it becomes essential for survival

• When it becomes a desire for pleasure and happiness

• When it is no longer available

• None of the above

What is the reason why you and your classmate may have different answers on the definition of needs and wants?

• Different personal preferences

• Different cultural backgrounds

• Different economic situations

• All of the above

What is the highest level of human needs according to Maslow's Theory of Hierarchy of Needs?

• Physiological needs

• Safety needs

• Love and belongingness needs

• Self-actualization needs

What is the positive effect of fulfilling the need for love and belongingness?

• Increased self-confidence

• Decreased loneliness

• Improved job security

• Enhanced physiological security

Is it possible to reach the second up to the fifth level without passing the first level?

• Yes, it is possible

• No, it is not possible

• It depends on the individual

• None of the above

As a student, do you think you can reach the highest level of Maslow's Hierarchy of Needs?

• Yes, as long as I work hard

• No, it is not achievable for students

• It depends on the individual's goals and aspirations

• None of the above

What factors can influence needs and wants?

• Age, education, and social status

• Tastes and preferences, income, and environment

• All of the above

• None of the above

What is the main difference among traditional-based economy, market economy, command economy, and mixed economy?

• The level of government control and regulation

• The availability of resources

• The cultural traditions and beliefs

• The level of consumer demand

What economic system is based on traditions, culture, and beliefs?

• Traditional-based economy

• Market economy

• Command economy

• Mixed economy