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Questions and Answers
What is the concept that highlights the inevitability of choices by economic agents?
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?
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?
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?
What does the rational decision-making process by economic agents consider?
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Which concept refers to the situation where human wants exceed the resources available to fulfill those wants?
Which concept refers to the situation where human wants exceed the resources available to fulfill those wants?
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