What is the basic economic problem according to the text?

Paper 1 Quiz

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Other
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11th Grade
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Medium

Debra Stannard
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60 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
People have unlimited resources and limited wants and needs.
People have unlimited wants and needs but limited resources.
People have limited wants and unlimited resources.
People have limited wants and needs and unlimited resources.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the purpose of economic activity?
To produce as many goods and services as possible without considering society's needs.
To satisfy the personal needs of the producers only.
To produce goods and services to satisfy the ever-changing needs of society.
To limit the production of goods and services to essential items only.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a need and a want?
Needs are unnecessary for survival, while wants are essential.
Needs are essential for survival, while wants are additional desires.
Wants are items like food and water, while needs are like fashionable clothes.
Needs and wants are the same in economic terms.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the key economic decisions?
What to produce?
How to produce?
Who should consume the goods and services produced?
Who is to benefit from the goods and services produced?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are considered consumers in economic terms?
Individuals who only use paid services
Those who demand goods and services
Only government employees
Businesses exporting goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role do producers play in the economy?
They consume the goods and services
They regulate the distribution of goods
They supply the goods and services
They only operate in the public sector
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the government involved in the economy according to the text?
By consuming all the goods produced
By electing new producers
By deciding the distribution of goods and services
By purchasing all excess goods
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