0. Basic Principles of Economics

_______________ 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?

Which of the following best describes a limited resource in the context of economics?

When individuals transition from renting to owning a home, which of the following best describes a key trade-off they face?

In a market system, the allocation of scarce goods involves the consideration of:

Which concept in microeconomics best explains why consumers must make choices when faced with a limited quantity of an item?

Which of the following statements best describes the concept of scarcity in economics?

In microeconomics, the phrase 'other things held constant' is often used to indicate which of the following assumptions when analyzing scarcity and choice?

Which of the following is a disadvantage of bartering compared to using currency to purchase goods?

In the context of scarcity and choice, opportunity cost refers to the value of what must be:

Which of the following best describes the basic economic problem?

In the context of scarcity and choice, what factors into the opportunity cost of a decision?

Into what two categories can wants be divided in microeconomics?

Why is it important to consider the opportunity cost when making a significant purchase?