
What is Economics? Chapter 1
Specialty
KG - University
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A model economists use to show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time is called
microeconomics model
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity can best be defined as
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
(3) Which of the following is NOT a consumer good?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
(2) Which of the following resources would economists classify as “capital”?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________ is the most basic economic problem.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Opportunity Cost is best defined as
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