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Questions and Answers
Which of the following best describes the concept of scarcity?
Which of the following best describes the concept of scarcity?
- Having limited resources to satisfy unlimited wants (correct)
- Having unlimited resources to satisfy unlimited wants
- Having limited resources to satisfy limited wants
- Having unlimited resources to satisfy limited wants
What is the opportunity cost when making a tradeoff?
What is the opportunity cost when making a tradeoff?
- The total value of all the items you have
- The value of the item you choose over the one you give up
- The total value of all the items you want
- The value of the item you give up (correct)
Why do people have to make choices according to the text?
Why do people have to make choices according to the text?
- Because there are unlimited resources available
- Because there are unlimited goods and services available
- Because there are limited resources available (correct)
- Because there are limited wants and desires
What does the text mean by 'scarcity forces tradeoffs'?
What does the text mean by 'scarcity forces tradeoffs'?
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What is the main idea of Economic Principle #1 according to the text?
What is the main idea of Economic Principle #1 according to the text?
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