0. Basic Principles of Economics

When you must give something up in order to get something else, it is called:

Which of the following best describes scarcity?

In order to compare and evaluate choices, there must be a set of ______.

Which of the following best describes the opportunity cost of earning an advanced college degree?

Which of the following is an example of scarcity?

Why would a nation choose not to produce everything its citizens want?

How does scarcity influence the economic value of an item?

In the context of scarcity and choice, who is required to make trade-offs?

Fewer available resources and a lower standard of living are characteristics of which type of economy?

Your opportunity cost of going to a movie is:

Which of the following is a trade-off faced by a family deciding whether to buy a new car?

Which of the following best describes the factors that determine the opportunity cost of a decision?

When a resource, such as space in the factory, has no alternative use, its opportunity cost is:

According to Dwight Eisenhower, what did he identify as the opportunity cost of the nuclear buildup in the context of scarcity?

In microeconomics, opportunity cost refers to what?