0. Basic Principles of Economics

Which of the following best describes the difference between scarcity and shortage?

A basic concept in economics is that all resources are:

Which of the following best describes scarcity?

Which of the following is NOT an example of scarcity?

In the context of scarcity and choice, a trade-off between responsiveness and costs is referred to as which type of trade-off?

Which of the following helps to avoid wasting resources on goals that cannot be accomplished?

Why does every decision involve a trade-off in economics?

The concept of opportunity cost is best described by which of the following statements?

Every economic decision has which of the following?

For a high school graduate, the opportunity cost of attending college is likely to be highest when:

Why does attending college involve an opportunity cost?

Which of the following best describes scarcity?

In the context of scarcity and choice, what is the opportunity cost of an investment?

Given the concept of scarcity, what type of choice must the owner of a calendar make when scheduling activities?

A(n) ____ cost is the potential benefit lost by taking an action instead of an alternative action.