0. Basic Principles of 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.

Your decision to rent or buy depends on your _________.

Which of the following is NOT considered scarce according to the economic definition of scarcity?

Which statement best describes the relationship between decisions and trade-offs in the context of scarcity?

In the context of scarcity and choice, the opportunity cost of an item is best defined as:

Which of the following scenarios most accurately reflects the concept of scarcity?

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

Why does scarcity exist in economics?