0. Basic Principles of Economics

Which situation is the best example of opportunity cost?

When you spend \$25 on a new insulated water bottle, what is the opportunity cost of this decision?

A basic concept in economics is that all resources are:

A resource has value, and people are willing to pay for it most likely because the resource is:

Which of the following are examples of limited resources for consumers?

Which of the following best describes the opportunity cost of going to college?

Which of the following contributes to the economic problem of scarcity?

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?

In microeconomics, what is meant by opportunity cost?