The nature economic problems

Which of the following statements belong to private sector?

• State prisons

• State education

• National Defence

• Private education

Which one is economic good?

• Houses

• Sunlight

• Air

• Water

Economics is the study of how the world's _____ are allocated to satisfy human needs and wants.

• wants

• needs

• resources

• necesities

The basic economic problem means.....

• How best to allocate scarce resources in order to satisfy people's unlimited needs and wants

• Non - physical items

• physical items

• economic activity of private individuals and firms

What does the private sector means?

• Economic activity of private individuals and firms

• Economic activity directly involving the government

• Households, firms and the government

• Physical items

Which of the following statements belong to the public sector?

• Coca cola

• Private education

• state prison

• MC Donalds

Which of the following statements are free good?

• cars

• sunlight

• motorcycle

• Handphone

What is the basic economic problem faced by all societies?

• achieving happiness

• an inefficient economic system

• rewarding factors of production

• scarcity of resources

____ the essential goods and services required for human survival.

• Wants

• Needs

• Goods

• Services

Which one is NOT the main economic agents?

• Individuals

• House chores

• firms

• government