Multiple Choice
How would a manufacturer benefit by using fewer scarce resources in the production process?
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0. Basic Principles of Economics
Scarcity and Choice
Back0. Basic Principles of Economics
Scarcity and Choice
- Multiple ChoiceWhich statement best explains the tradeoff between today's consumption and future consumption?34views
- Multiple ChoiceFundamentally, economics deals with which of the following concepts?43views
- Multiple ChoiceWhich of the following is true about scarcity?39views
- Multiple ChoiceWhich of the following is an example of an opportunity cost?27views
- Multiple ChoiceWhich situation best illustrates the concept of scarcity?27views
- Multiple ChoiceWhich of the following is a good example of a tradeoff?56views
- Multiple ChoiceWhat gives commodity money its value?30views
- Multiple ChoiceWhich of the following best explains the relationship between implicit costs, explicit costs, and opportunity costs?31views
- Multiple ChoiceWhich situation is the best example of opportunity cost?32views
- Multiple ChoiceWhen you spend \$25 on a new insulated water bottle, what is the opportunity cost of this decision?35views
- Multiple ChoiceA basic concept in economics is that all resources are:53views
- Multiple ChoiceA resource has value, and people are willing to pay for it most likely because the resource is:37views
- Multiple ChoiceWhich of the following are examples of limited resources for consumers?45views
- Multiple ChoiceWhich of the following best describes the opportunity cost of going to college?53views