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Questions and Answers
Which of the following best describes scarcity?
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?
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?
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?
What is economic efficiency also known as from society's point of view?
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Why do societies have to make choices in economics?
Why do societies have to make choices in economics?
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