0. Basic Principles of Economics

Which of the following best illustrates an opportunity cost under scarcity?

Which of the following scenarios involves no opportunity cost?

Which basic economic question determines how a society will produce goods and services?

Which of the following is an element of choice architecture?

Which one of the following best represents an opportunity cost?

In the context of scarcity and choice, what best describes the opportunity cost of buying a new car?

Scarcity exists because of:

In the context of scarcity and choice, the concept of opportunity cost means that to obtain one thing, something else needs to be what?

Which of the following is a risk associated with complete specialization in the production of a single good?

Assessing opportunity cost involves:

Every society must develop a system for deciding how it will use its resources so that it can:

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

Which concept in microeconomics explains that for every decision you make, there is a trade-off?

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

Choosing between spending money on a new suit or a vacation is an example of: