1.1.Which one of the following statements is correct?A. Wants, needs and demand are essentially simply different terms that have the samemeaning.B. Wants and needs are essentially the same, but differ from demand.C. Needs and demand amount to the same thing.D. Wants and demand are essentially the same - people only demand things that they want.E. Demand differs from wants and needs.1.2.South Africa has aA. pure market economy.B. pure command economy.C. traditional economy.D. mixed economy.E. classical economy.1.3.The economic problem arises from the coexistence ofA. limited wants and unlimited resources.B. unlimited wants and limited money in circulation.C. limited wants and limited resources.D. unlimited wants and unlimited resources.E. unlimited wants and limited resources.The term ceteris paribus meansA. that if event X precedes event Z, X has caused Z.1.4.B. that economics deals with facts only, not with suppositions.

Note: Since there are multiple questions only the first one has been solved. The terms like needs,…

1.1. Which one of the following statements is correct? A. Wants, needs and demand are essentially simply different terms that have the same meaning. B. Wants and needs are essentially the same, but differ from demand. C. Needs and demand amount to the same thing. D. Wants and demand are essentially the same - people only demand things that they want. E. Demand differs from wants and needs.

1.1. Which one of the following statements is correct? A. Wants, needs and demand are essentially simply different terms that have the same meaning. B. Wants and needs are essentially the same, but differ from demand. C. Needs and demand amount to the same thing. D. Wants and demand are essentially the same - people only demand things that they want. E. Demand differs from wants and needs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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** PRACTICE TEST **
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