0. Basic Principles of Economics

Which of the following is true of the opportunity cost of holding cash?

Which of the following ratios is equivalent to '4 pencils for every 2 students'?

If an item is scarce, which of the following is most likely true?

Which situation best describes an opportunity cost?

Which fundamental economic problem arises due to the combination of limited resources and unlimited wants?

In microeconomics, opportunity cost may be defined as the:

How does the study of economics help individuals make better choices?

In microeconomics, which statement best describes an opportunity cost?

Scarcity exists when there are _______ resources available to satisfy all the competing uses.

Because cost of living varies, it is important to consider which of the following when conducting a job search?

_______________ is the value of the best alternative given up when a choice is made.

Opportunity cost refers to:

In the context of scarcity and choice, what does a low arithmetic density typically indicate about the allocation of resources in a given area?

Which of the following best describes a limited resource in the context of economics?

When individuals transition from renting to owning a home, which of the following best describes a key trade-off they face?