0. Basic Principles of Economics

In a world of scarcity, which of the following is true?

A reason that some goods were scarce during World War II was that the war:

A _____ is a choice made from available alternatives.

In the context of scarcity and choice, what is the opportunity cost of producing product B?

A gap between unlimited wants and limited resources creates which of the following?

If 75% of India's rural population lives in poverty, it most likely means that:

Money encourages specialization by decreasing the need for a double coincidence of wants. Which of the following best completes the statement?

What is the fundamental problem that both producers and consumers face in economics?

Overpopulation can lead to limited:

Based on the concept of scarcity, which of the following objects is likely to have the most value?

What is the fundamental problem that both producers and consumers face in economics?

Why does opportunity cost vary among individuals and situations?

One of the three fundamental economic questions deals with deciding what to produce. Which of the following best describes this question?

Which of the following best describes the basic economic problem?

Which statement best explains why economies must make choices about how to allocate resources?