0. Basic Principles of Economics

Which scenario best explains the concept of scarcity?

A society's ability to produce needed goods and services is permanently reduced if it:

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

When studying finance or economics, the cost of a decision is also known as a(n):

Which of the following is true of the opportunity cost of holding cash?

Which of the following ratios is equivalent to '4 pencils for every 2 students'?

If an item is scarce, which of the following is most likely true?

Which situation best describes an opportunity cost?

Which fundamental economic problem arises due to the combination of limited resources and unlimited wants?

How does the study of economics help individuals make better choices?

Scarcity exists when there are _______ resources available to satisfy all the competing uses.

Because cost of living varies, it is important to consider which of the following when conducting a job search?

_______________ is the value of the best alternative given up when a choice is made.

Opportunity cost refers to:

In the context of scarcity and choice, what does a low arithmetic density typically indicate about the allocation of resources in a given area?