Economics and Scarcity Quiz

What is the main focus of economics?

• How to invest in stocks

• How to make money

• How to save money

• How to use resources to meet wants and needs

What does scarcity force us to do?

• Make choices about resource use

• Save all resources

• Ignore our needs

• Spend more money

At the micro level, who is affected by scarcity?

• Schools

• Businesses

• Governments

• Individuals and families

Which of the following is an example of a micro-level decision?

• Deciding national defense budget

• Choosing between car repairs or buying a new car

• Allocating funds for education

• Setting interest rates

What do political leaders discuss at the macro level?

• Personal savings

• Family budgets

• National spending priorities

• Local community projects