SOLVED

61) A typical economic good has which one of the following characteristics? A) The desired quantity exceeds the quantity available at a zero price. B) The quantity available exceeds the desired quantity at a zero price. C) It uses no resources to produce. D) It is never scarce. 62) A waitress brings a free glass of wine when you sit down in a restaurant. This glass of wine is A) a service because the waitress carried it instead of making it. B) a good, but not an economic good because there is no price charged for the wine. C) a nongood because there is no price charged for the wine. D) an economic good because wine is produced with scarce resources, even if it is free to you. 63) Which of the following is NOT a service? A) Physical labor purchased by a producer B) Things purchased by a consumer that do not have physical characteristics C) A diamond used in an engagement ring D) Tasks performed by someone else 64) When an employee at a grocery store scans the price of your items, bags the groceries, and collects your paper, the individual has provided A) physical capital. B) entrepreneurship. C) a service. D) land. 65) The most basic concept of economics is A) self-interest. B) scarcity. C) demand. D) rationality. 66) Scarcity exists because A) there is a disruption in the distribution of goods caused by bad weather. B) there is a shortage of goods caused by war. C) there are not enough resources available to produce all the goods that people want. D) there is a shortage of qualified workers throughout the world. 67) Which of the following is the LEAST scarce? A) college education B) medicine C) housing D) air 68) The fact that our wants are unlimited but our resources are limited implies that A) we should limit our wants. B) entrepreneurship has failed as an economic system. C) we have to make choices. D) the only way to make someone better off is to make someone else worse off. 69) Which of the following items would be considered scarce? A) water B) diamonds C) potato chips D) All of the above are scarce. 70) The basic problem in economics is A) unlimited needs. B) scarcity. C) demand. D) limited resources.