Microeconomics chapter 1

Scarcity is when

• Unlimited wants is met with limited resources

• Forcing to pick some choices and reject the rest

• Choosing one alternative means giving up another

• All of them

Which of the following would be studied in microeconomics?

• Total numbers of workers employed in a country

• The general level of prices in the Malaysian economy

• The output of the entire economy

• The output and price of chicken in Malaysia

The study of an entire economy or one of its principal sectors.

• Macroeconomics

• Microeconomics

• Scarcity

• Factors of Production

A resource used to produce goods and services.

• Factors of Production

• Capital Resource

• Capital Good

• Production Possibilities Curve

The fundamental condition of economics that results from the combination of limited resources and unlimited wants.

• Scarcity

• Productivity

• Microeconomics

• Macroeconomics

Which of the following is one of the five factors of production?

• productivity

• goods

• entrepreneurship

• services

The basic problem of economics is ________________.

• scarcity

• lack of choice

• shortages

• overabundance

Tangible objects that can satisfy people's wants.

• land

• labor

• capital

• goods

Human effort directed toward producing goods and services.

• land

• labor

• goods

• capital

Value of the next best alternative given up for the alternative that was chosen.

• trade-off

• opportunity cost

• time

• labor