Economics and Resource Allocation Quiz

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Questions and Answers

Which of the following resources are included in the study of economics?

  • Labor and technology
  • Labor and capital (correct)
  • Labor and land
  • Labor and natural resources

What is the main focus of economics?

  • Allocation of scarce resources (correct)
  • Management of technology
  • Utilization of natural resources
  • Development of intellectual property

Which of the following is NOT a resource included in the study of economics?

  • Technology
  • Labor
  • Intellectual property (correct)
  • Capital

Which of the following conditions would classify a resource as scarce?

<p>There are no alternative uses and unlimited quantities. (C)</p> Signup and view all the answers

What is the relationship between scarcity and choices?

<p>Scarcity leads to limited choices. (B)</p> Signup and view all the answers

Which of the following situations does not classify a resource as scarce?

<p>There are large quantities of the resource but it is difficult to use. (B)</p> Signup and view all the answers

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