The most fundamental economic problem is
A. Security
B. Climate change
C. Health
D. Scarcity
D. Scarcity
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.
b) Managing a person's own money or credit
Which of the following best defines microeconomics? a) The study of the overall economy and its growth. b) The study of individual economic units and their decision-making. c) The study of international trade and exchange rates. d) The stud
b) The study of individual economic units and their decision-making.
Scarcity requires that people must
A) trade. B) compete. C) cooperate. D) make choices.
D) make choices.
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.
B) both money and time.
The most accurate definition of the study of economics is ...A) distribution of surplus goods to those in need .B) ways to reduce wants to eliminate scarcity C) choices we make because of scarcity
C) choices we make because of scarcity.
Because we face scarcity, every choice involves
A) the question "what." B) money
C) giving up something for nothing. D) an opportunity cost
D) an opportunity cost
Which of the following best represents a "good"? a) Consulting services b) A movie ticket c) A piece of furniture d) Healthcare insurance
c) A piece of furniture
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
d) Are limited at any moment in time
Human wants are:
a) Always fixed
b) Limited
c) Unlimited
d) Likely to decrease over time
c) Unlimited
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 .
he quantity of a product that consumers are willing and able to buy .
What distinguishes a "need" from a "want"? a) Needs are cheaper than wants. b) Needs are essential for survival, while wants are not. c) Wants are provided by the government, while needs are not. d) Needs are always more enjoyable than want
b) Needs are essential for survival, while wants are not.
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
C the leisure time lost
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.
C scarcity.
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
B $4000
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
