Economic Characteristics

Multiple Choice

What is the basic economic problem?

• Inflation

• Unemployment

• Scarcity

• Poverty

Multiple Choice

The opportunity cost of a choice is:

• The money spent on the choice.

• The total benefits recieved.

• The time spent deciding.

• The next best alternative you gave up.

Multiple Choice

Which of the following is NOT one of the three basic economic questions?

• How to advertise it?

• What to produce?

• How to produce it?

• Who to produce for?