Review-Ch. 1

Review-Ch. 1

University

29 Qs

quiz-placeholder

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Review-Ch. 1

Review-Ch. 1

Assessment

Quiz

Business

University

Hard

Created by

Shereen Bacheer

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means that there is less of a good or resource available than people wish to have.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how society allocates its unlimited resources

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With careful planning, we can usually get something that we like without having to give up something

else that we like.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Efficiency means everyone in the economy should receive an equal share of the goods and services

produced.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government policies that improve equality usually increase efficiency at the same time

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of an action is measured in terms of foregone opportunities

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trade allows each person to specialize in the activities he or she does best, thus increasing each

individual's productivity

True

False

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