02.01 Is It A Want Or A Need Quiz

27 August 2022
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question
Column A: textbooks, tuition, on-campus food plan Column B: gas money, parking pass, car repair Column C: doctor's office co-pay, medicine prescription, insurance payment Column D: movie tickets, television, online game subscription Which column of expenses can be most easily eliminated if income decreases?
answer
Column D - includes movie, television, and game entertainment. As entertainment, these expenses are wants rather than needs, and so are less important in a budget than other essential expenses. They may be scaled back or eliminated when income decreases.
question
Column A: water, shirt, safe housing Coffee, designer blouse, beach house Which of these is true of the items in Column B in relation to Column A?
answer
They are wants related to needs in Column A- Water, safe housing, and shirt are essentially food, shelter, and clothing. Coffee, beach house, and designer blouse are food, clothing, and shelter, but luxury versions. As luxuries, they are not needs, but wants.
question
Column A: water, shirt, safe housing Coffee, designer blouse, beach house Which label belongs over Column A?
answer
Need- Water, safe housing, and shirt are essentially food, clothing, and shelter. Column A includes the bare minimum for meeting these three categories. Thus, they are needs.
question
Which of these terms means "the level of satisfaction a need or want provides"?
answer
Utility- Utility is the level of satisfaction a need or want provides.
question
Which of these terms means "limited resource"?
answer
Scarcity- Scarcity is limited resources.