What does the term scarcity refer to in economics?

Intro to Business Final Study Guide

Quiz
•
Life Skills
•
10th Grade
•
Easy
Peter Fenster
Used 4+ times
FREE Resource
37 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited resources for all wants
Having more goods than needed
Limited resources to meet unlimited wants
Government control over production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A traditional economy is primarily based on:
Supply and demand
Government planning
Customs and historical practices
Technological advancement
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a command economy, who controls the means of production?
Consumers
Private business owners
The government
Foreign investors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget surplus occurs when:
Imports exceed exports
A government spends more than it earns
Revenue exceeds expenditures
There is no taxation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget deficit means:
Spending is less than income
Spending exceeds income
The economy is booming
The GDP is high
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GDP per capita measures:
The total exports of a country
The government deficit
Average income per person
Population growth
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imports are:
Goods sent to another country
Taxes on foreign goods
Goods brought into a country
Domestic products
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