Scarcity and the Economic Problem | Baamboozle - Baamboozle

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.

What does opportunity cost refer to?a) The actual price you pay for a good or service. b) The value of the next best alternative when you make a decision. c) The total expenses you incur in a given situation. d) The amount of money you have

b) The value of the next best alternative when you make a decision.

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

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 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

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.

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

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.

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 .

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

c) Unlimited

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

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

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

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.

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.

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

D) make choices.

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.

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

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

D. Scarcity