Scarcity and the Economic Problem

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

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.

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

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.

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

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.

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.

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

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

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

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.

An economy is encouraged to improve the quality of its human resources.Which policy is best? A conserving natural resources B limiting immigration of skilled labor. C providing opportunities for education D reducing machines in production

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

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

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

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.

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

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

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