Multiple Choice
In the context of scarcity and choice, what is opportunity cost?
0. Basic Principles of Economics
Scarcity and Choice
Back0. Basic Principles of Economics
Scarcity and Choice
- Multiple ChoiceIf goods or services are scarce, which of the following must occur?41views
- Multiple ChoiceWhich of the following best describes the factors that determine the opportunity cost of a decision?48views
- Multiple ChoiceWhy are tradeoffs necessary in economics?66views
- Multiple ChoiceIn microeconomics, what is the opportunity cost of holding currency (cash) rather than investing those funds?
- Multiple ChoiceOpportunity cost is best defined as:55views
- Multiple ChoiceWhat is the likely impact on an economy if it fails to address the three fundamental questions of economics (what to produce, how to produce, and for whom to produce)?60views
- Multiple ChoiceWhich of the following best describes the difference between a shortage and scarcity?34views
- Multiple ChoiceWhy is it important to evaluate trade-offs and opportunity costs when making choices in economics?70views
- Multiple ChoiceWhat does the concept of scarcity explain?53views
- Multiple ChoiceHow would a manufacturer benefit by using fewer scarce resources?53views
- Multiple ChoiceWhich of the following statements is true about scarcity?59views
- Multiple ChoiceHow does opportunity cost vary when individuals or societies make choices under conditions of scarcity?61views
- Multiple ChoiceUnder which circumstances are out-of-pocket costs also considered opportunity costs?40views
- Multiple ChoiceWhich of the following is considered one of the four scarce economic resources?56views