
Chapter 1 microeco
Quiz
•
Business
•
University
•
Practice Problem
•
Easy
Chloie Alligood
Used 2+ times
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29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Scarcity exists when there is less than an infinite amount of a resource or good.
True
False
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Approximately 75 percentage of the world’s economies experience scarcity.
True
False
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics is the study of how society manages its scarce resources.
True
False
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In most societies, resources are allocated by a single central planner.
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economists use the phrase “There is no such thing as a free lunch,” to illustrate how inflation increases prices.
True
False
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Henry decides to spend two hours playing golf rather than working at his job which pays $8 per hour. Henry’s tradeoff is nothing, because he enjoys playing golf more than working.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Efficiency refers to the size of the economic pie; equity refers to how the pie is divided.
True
False
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