Economics Essentials Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

What is the concept that highlights the inevitability of choices by economic agents?

  • Surplus
  • Abundance
  • Equilibrium
  • Scarcity (correct)

What does the concept of opportunity cost illustrate in the allocation of resources?

  • The total cost of resources used
  • The profit gained from resource allocation
  • The value of the next best alternative foregone (correct)
  • The monetary cost of production

What does the production possibility curve analysis illustrate about resource allocation?

  • The absence of opportunity cost in resource allocation
  • The unlimited availability of resources
  • The trade-offs in allocating resources between different goods (correct)
  • The fixed nature of resource allocation

What does the rational decision-making process by economic agents consider?

<p>Constraints, trade-offs, different perspectives, and intended and unintended consequences (B)</p> Signup and view all the answers

Which concept refers to the situation where human wants exceed the resources available to fulfill those wants?

<p>Scarcity (D)</p> Signup and view all the answers

Flashcards are hidden until you start studying

Use Quizgecko on...
Browser
Browser