A government spends $100 m on employing extra teachers instead of extra nurses.What will be the opportunity cost of this?
the cost of training extra teachers
the extra nurses
the reduction in unemployment among teachers
$100 million
The most fundamental economic problem is
Health
Scarcity
Security
Climate Change
The most accurate definition of the study of economics is
affluence in a bankrupt world.
choices we make because of scarcity.
ways to reduce wants to eliminate scarcity
distribution of surplus goods to those in need.
What best describes the problem of scarcity?
There are limited resources and unlimited wants.
All resources are free at the point of use.
All consumer wants must be satisfied.
There are unlimited resources and limited wants.
A hospital cannot treat all the people that need treatment. This is an example of
umlimited resources
limited wants
scarcity
excess supply
Economics is best defined as the study of how people, businesses, governments, and societies
use their infinite resources
choose abundance over scarcity
Make choices to cope with scarcity
attain wealth
Economists point out that scarcity confronts
neither the poor or the rich.
the poor but not the rich
both the poor and the rich
the rich but not the poor
As an economic concept, scarcity applies to
time but not money
neither money or time
both money and time.
money but not time
An economy is encouraged to improve the quality of its human resources.Which policy is best?
reducing machines in production
limiting immigration of skilled labor
providing opportunities for education
concerving natural resources
Scarcity requires that people must
trade
cooperate
compete
make choices.
What is the basic economic problem facing all economies?
insufficient resources
shortages of skilled labor
low economic growth
inequality of income
Commercial companies are reclaiming marshland to construct golf courses.What is the opportunity cost to society?
value of the land cleared
profits of the companies
natural environment that is lost
expense of installing drainage
An unemployed worker accepts a job.Which of the following is the opportunity cost of this decision?
the training in the new job
the cost of travel to work
the income from the new job
the leisure time lost
Because we face scarcity, every choice involves
giving up something for nothing
the questiosn "what"
an opportunity cost
money
Human wants are:
Always fixed
Limited
Likely to decrease over time
Unlimited
The opportunity cost of any action is
the monetary cost but not the time required.
all the possible alternatives forgone.
the highest-valued alternative forgone.
the time required but not the monetary cost.
The amount of resources in an economy:
Are limited at any moment in time
Are always fixed
Can never decrease
Always increase over time