Multiple Choice
How would a manufacturer benefit by using fewer scarce resources?
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0. Basic Principles of Economics
Scarcity and Choice
Back0. Basic Principles of Economics
Scarcity and Choice
- 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
- Multiple ChoiceWhich of the following best describes the fundamental problem of economics?47views
- Multiple ChoiceWhich of the following statements about scarcity is true?58views
- Multiple ChoiceThe basic purpose of the other-things-equal (ceteris paribus) assumption is to:73views
- Multiple ChoiceAn opportunity cost can make decision making difficult because _____.54views
- Multiple ChoiceWhich example best illustrates the concept of opportunity cost in a situation of scarcity and choice?
- Multiple ChoiceWhich of the following is NOT considered scarce according to the economic definition of scarcity?45views
- Multiple ChoiceIn the context of scarcity and choice, what is the opportunity cost of saving money?39views
- Multiple ChoiceIn a world characterized by scarcity, which of the following will we never be able to do?56views
- Multiple ChoiceWhich of the following is NOT an example of an opportunity cost?43views
- Multiple ChoiceIn microeconomics, what is meant by opportunity cost?