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Questions and Answers
Which option defines scarcity in economics?
Which option defines scarcity in economics?
- Limited wants and unlimited resources
- Unlimited resources
- Equilibrium of wants and resources
- Limited resources and unlimited wants (correct)
What is the opportunity cost of a choice?
What is the opportunity cost of a choice?
- The cost of raw materials used in production
- The value of the next best alternative foregone (correct)
- The cost of a good or service in terms of money
- The cost of producing one more unit of a good or service
What is the typical shape of a Production Possibility Curve (PPC)?
What is the typical shape of a Production Possibility Curve (PPC)?
- Concave to the origin (correct)
- Convex to the origin
- Circular
- Linear
What does allocation of resources refer to?
What does allocation of resources refer to?
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What is the effect of division of labor on efficiency?
What is the effect of division of labor on efficiency?
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What is a characteristic of a mixed economic system?
What is a characteristic of a mixed economic system?
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What is the shape of the demand curve faced by a firm in a perfectly competitive market?
What is the shape of the demand curve faced by a firm in a perfectly competitive market?
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What is total revenue equal to?
What is total revenue equal to?
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What is the major difference between a mixed economy and a command economy?
What is the major difference between a mixed economy and a command economy?
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