Which of the following best represents a "good"? a) Consulting services b) A movie ticket c) A piece of furniture d) Healthcare insurance

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

Human wants are: a) Always fixed b) Limited c) Unlimited d) Likely to decrease over time

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

A government spends $100 m on employing extra teachers instead of extra nurses. What will be the opportunity cost of this? A $100 m B the cost of training extra teachers C the extra nurses D the reduction in unemployment among teachers

An unemployed worker accepts a job. Which of the following is the opportunity cost of this decision? A the cost of travel to work B the income from the new job C the leisure time lost D the training in the new job

In economics, what does the term "demand" refer to? a) The quantity of a product that producers are willing to sell. b) The quantity of a product that consumers are willing and able to buy .

As an economic concept, scarcity applies to A) neither time nor money. B) both money and time. C) time but not money. D) money but not time.

What is the primary focus of personal economics? a) The study of global economic trends. b) Managing a person's own money or credit. c) Government policies and regulations.

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.

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

What is the basic economic problem facing all economies? A inequality of income B insufficient resources C low economic growth D shortages of skilled labour

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