Basic Concepts of Economics — Practice Quiz
ICSE · Class 9 · Economics
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Quick Quiz: Basic Concepts of Economics
0/4Tap an answer to check it instantly. No sign-up needed for these 4.
What is a want in economics?
Which statement best describes desire in economics?
Which of the following is a necessity of life?
Which pair shows a correct classification of goods on the basis of nature?
Sample Questions
Services are the same as non-material goods.
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True
Non-material goods are intangible and are also called services.
Which of these is an example of a material good?
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A book
A book can be seen and touched, so it is a material good.
Which of the following are free goods?
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Air, Sunlight, Seawater
Air, sunlight, and seawater are free goods because they are abundant and available without any price.
Economic goods are scarce in relation to demand and require resources to produce.
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True
Economic goods are limited in supply, need resources for production, and are bought and sold in the market.
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