Quiz 7

What is scarcity?

• When unlimited wants exceed limited resources

• When limited wants exceed unlimited resources

• When unlimited resources exceed limited wants

• When limited resources exceed unlimited wants

What is opportunity cost?

• The thing you choose to do

• The thing you give up doing

• The money you pay for an item

What is a want?

• Anything you desire

• Something required to survive

• An item you purchase

• When you pay someone to do something for you

What is a need?

• Anything you desire

• Something required to survive

• An item you purchase

• When you pay someone to do something for you

What is a good?

• Anything you desire

• Something required to survive

• An item you purchase

• When you pay someone to do something for you

What is a service?

• Anything you desire

• Something required to survive

• An item you purchase

• When you pay someone to do something for you

Which represents a point that is inefficient?

• D

• E

• F

Which represents a point that is efficient?

• D

• E

• F

Which represents a point that is not possible given current resources?

• D

• E

• F

Which is a point that shows that we are making only clothes and no food?

• A

• B

• C

• D

• E