0. Basic Principles of Economics

Why would a nation choose not to produce everything its citizens want?

How does scarcity influence the economic value of an item?

In the context of scarcity and choice, who is required to make trade-offs?

Fewer available resources and a lower standard of living are characteristics of which type of economy?

Your opportunity cost of going to a movie is:

Which of the following is a trade-off faced by a family deciding whether to buy a new car?

Which of the following best describes the factors that determine the opportunity cost of a decision?

When a resource, such as space in the factory, has no alternative use, its opportunity cost is:

According to Dwight Eisenhower, what did he identify as the opportunity cost of the nuclear buildup in the context of scarcity?

In microeconomics, opportunity cost refers to what?

Which of the following best illustrates the concept of scarcity?

The potential benefit given up when selecting one alternative over another is a(n) ______ cost.

Societies embrace various economic systems to deal with the fundamental problem of:

Which of the following illustrates an opportunity cost?

Which best explains why not all goals in economics can be met?