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Econ Quiz

What is Land, in reference to Economy?
Natural resources used
The plot of land something was built on
Dirt that was touched by the owner
A shortening of the city name Cleveland
What makes a Need different than a Want?
You like really really want it
It is necessary for survival
It is less important than a Want
Purple (Don't pick this one)
What does scarcity imply?
There is not enough resources to meet Needs
The bees are dying at an alarming rate
That there will always be a shortage of supply to an endless demand
The overall loss of a company's money
Which is NOT an example of Physical Capital
A hammer
A nail
A plank of wood
The person using the hammer
What is the term "Guns or Butter" referring to?
Somebody saying a Gun is a need and Butter is a want
A countries choice of militaristic spending or spending on consumer goods
A country giving its citizens the choice of a five-seven or a stick of butter
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