Multiple Choice
Which of the following lists correctly identifies the three basic principles of the General Agreement on Tariffs and Trade (GATT)?
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0. Basic Principles of Economics
Introduction to Economics
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following would an economist most likely classify as a need?
A
Owning a luxury car
B
Access to clean water
C
Designer clothing
D
Going on vacation
Verified step by step guidance1
Understand the economic concept of 'needs' versus 'wants'. Needs are goods or services essential for survival or basic well-being, while wants are non-essential items that improve comfort or pleasure.
Identify each option and classify it based on whether it is essential for survival or basic well-being (need) or a luxury/non-essential item (want).
Evaluate 'Owning a luxury car' — this is a non-essential, luxury good, so it is a want, not a need.
Evaluate 'Access to clean water' — clean water is essential for health and survival, so it is classified as a need.
Evaluate 'Designer clothing' and 'Going on vacation' — both are non-essential and improve comfort or status, so they are wants, not needs.
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