A hospital cannot treat all the people that need treatment. This is an example of A excess supply. B limited wants. C scarcity. D unlimited resources.

Scarcity requires that people must A) trade. B) compete. C) cooperate. D) make choices.

Because we face scarcity, every choice involves A) the question "what." B) money C) giving up something for nothing. D) an opportunity cost

The most accurate definition of the study of economics is ... A) distribution of surplus goods to those in need. B) affluence in a bankrupt world. C) ways to reduce wants to eliminate scarcity D) choices we make because of scarcity

Economics is best defined as the study of how people, businesses, governments, and societies A) make choices to cope with scarcity. B) attain wealth. C) choose abundance over scarcity. D) use their infinite resources.

A woman enters a quiz with no money, she correctly answers for $4000. Next question is $10 000 but if wrong, she will leave with no money. What is her OC if she answers for $10 000 wrongly? A. nothing B $4000 C $6000 D $10 000

The amount of resources in an economy: a) Are always fixed b) Can never decrease c) Always increase over time d) Are limited at any moment in time

Your choices are ranked as: go to the library, workout , breakfast with friends, & sleeping. You go to the library. Your opportunity cost is A workout, breakfast with friends, sleeping. B zero C Workout D. inadequate information

Economists point out that scarcity confronts A) the rich but not the poor. B) the poor but not the rich. C) both the poor and the rich. D) neither the poor nor the rich.

The most fundamental economic problem is A. Security B. Climate change C. Health D. Scarcity

What is the OC to young adults when a country raises the school leaving age from 15 to 17 yrs A costs of employing more teachers. B financial help to students going to university C extra classrooms D lost income from paid employment

The opportunity cost of any action is A) the time required but not the monetary cost. B) all the possible alternatives forgone. C) the highest-valued alternative forgone. D) the monetary cost but not the time required.

What best describes the problem of scarcity? A All consumer wants must be satisfied. B All resources are free at the point of use. C There are limited resources and unlimited wants. D There are unlimited resources and limited wants.