The Economics of Scarcity
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Questions and Answers

Which of the following best describes scarcity?

  • The fact that resources are unlimited
  • The fact that resources are finite (correct)
  • The fact that needs and wants are unlimited
  • The fact that needs and wants are limited

    • What does economics study?

  • How to fulfill unlimited needs and wants
  • How to make the best use of resources
  • How to allocate resources
  • All of the above (correct)

    • What does choice imply in economics?

  • Opportunity cost (correct)
  • Unlimited resources
  • Finite goods and services
  • Infinite wants

    • What is economic efficiency also known as from society's point of view?

    <p>Allocative efficiency</p> Signup and view all the answers

    Why do societies have to make choices in economics?

    <p>To make the best use of resources</p> Signup and view all the answers

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