"Wants" are
A) another term for needs.
B) all the things people would consume if they had unlimited incomes.
C) the things people consume with their current incomes.
D) all the things people really need in order to live comfortably.
Correct Answer:
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Q4: In economic analysis,resources are _ while people's
Q5: Production refers to
A)physically producing material goods only.
B)any
Q6: Scarcity implies that people must
A)be selfish.
B)make choices.
C)be
Q7: Scarcity implies that
A)people should limit their wants.
B)firms
Q8: Economists sometimes say that wants are "unlimited"
Q10: A person goes to college to become
Q11: Services can be thought of as
A)free goods.
B)intangible
Q13: Economists speak of using resources to satisfy
Q14: In economic language,"wants"
A)is another term for needs.
B)refer
Q22: The most basic concept in economics is
A)wealth.
B)income.
C)scarcity.
D)spending.
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