Multiple Choice
Which of the following best describes the fundamental problem of economics?
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0. Basic Principles of Economics
Scarcity and Choice
Back0. Basic Principles of Economics
Scarcity and Choice
- Multiple ChoiceWhich of the following statements about scarcity is true?69views
- Multiple ChoiceThe basic purpose of the other-things-equal (ceteris paribus) assumption is to:85views
- Multiple ChoiceAn opportunity cost can make decision making difficult because _____.62views
- Multiple ChoiceWhich example best illustrates the concept of opportunity cost in a situation of scarcity and choice?8views
- Multiple ChoiceWhich of the following is NOT considered scarce according to the economic definition of scarcity?56views
- Multiple ChoiceIn the context of scarcity and choice, what is the opportunity cost of saving money?47views
- Multiple ChoiceIn a world characterized by scarcity, which of the following will we never be able to do?68views
- Multiple ChoiceWhich of the following is NOT an example of an opportunity cost?53views
- Multiple ChoiceIn microeconomics, what is meant by opportunity cost?2views
- Multiple ChoiceWhich of the following is a consequence of scarcity?56views
- Multiple ChoiceScarcity implies that:79views
- Multiple ChoiceWhich term best completes the sentence: '______ economic resources means limited goods and services.'?60views
- Multiple ChoiceWhich of the following scenarios demonstrates a situation with no opportunity cost?53views
- Multiple ChoiceIn a world of scarcity, which of the following is true?70views