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
B insufficient resources
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
C the extra nurses
Commercial companies are reclaiming marshland to construct golf courses.
What is the OC to society?
A expense of installing drainage
B natural environment that is lost
C profits of the companies
D value of the land cleared
B natural environment that is lost
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.
C There are limited resources and unlimited wants.
