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10 questions
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- Multiple ChoicePlease save your changes before editing any questions.
What best describes a want?
An unnecessary object
A commodity that fulfills a desire
An expensive object
A derived need
- Multiple ChoicePlease save your changes before editing any questions.
What do people respond to in predictable ways?
Problems
Incentives
Solutions
Choices
- Multiple ChoicePlease save your changes before editing any questions.
Which is NOT a major economic problem?
When to produce?
What to produce?
How to produce?
For whom to produce?
- Multiple ChoicePlease save your changes before editing any questions.
Economics is said to deal mostly with the ____________ of resources.
Deprivation
Allocation
Usage
Consumption
- Multiple ChoicePlease save your changes before editing any questions.
Countries and states utilize this to solve the problem of allocation.
Culture and Norms
Rules and Regulations
Economic Systems
Fiscal Policies
- Multiple ChoicePlease save your changes before editing any questions.
When economists say that resources are scarce, it means that they are what?
Limited
Lacking
Overflowing
Rare
- Multiple ChoicePlease save your changes before editing any questions.
According to the basic economic principles, what creates wealth?
Voluntary Work
Voluntary Trade
Business Transactions
Business Management
- Multiple ChoicePlease save your changes before editing any questions.
Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?
Chance Expense
Trade off
Equivalent Exchange
Opportunity Cost
- Multiple ChoicePlease save your changes before editing any questions.
Allocation and scarcity is a problem because people have unlimited ____________.
problems
wants and needs
resources
desires
- Multiple ChoicePlease save your changes before editing any questions.
They say that economics is the science of ____________.
Money
Country Growth
Opportunities
Decision Making