Introduction to Economics Quiz

The temporary absence of goods in the market

A situation where resources are limited but desires are unlimited (correct)

The unavailability of a good or service

A surplus of resources leading to excessive production

Wants can be satisfied by consuming goods and services, while needs are basic requirements for survival. (correct)

Wants are unlimited, while needs are limited.

Needs can change over time, whereas wants remain constant.

Wants are essential for survival, while needs are optional desires.

It symbolizes the choices between military spending and consumer goods. (correct)

It emphasizes the importance of car production over military equipment.

It illustrates the priority of public health over national security.

It represents the trade-off between education and government spending.

<p>Evaluating national economic output and unemployment rates (D)</p> Signup and view all the answers

<p>Scarcity pertains to the infinite demand, while shortages are specific to production limitations. (C)</p> Signup and view all the answers