Econ CH 1 quiz

Opportunity Cost considers the

• price of groceries.
• trade off.
• none of the above.

The opportunity Cost of a choice is whatever you must give up for the choice not just money spent.

• True.
• False.

Scarcity is

• not an economic problem
• work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
• condition that results from society not having enough resources to produce all things people would like to have

Economics is the study of

• how people try to satisfy seemingly unlimited and competing needs and wants.
• the human body.
• how people interact with one another and live their lives.

Monetary worth of a good or service as determined by the market is

• Scarcity
• Economics
• Value
• Utility

Ability or capacity of a good or service to be useful and give satisfaction to someone

• Scarcity
• Economics
• Value
• Utility

The Paradox of Value is the apparent contradiction between the high value of a nonessential item and the low value of an essential item

• True.
• False.

“there is no such thing as a free lunch” means

• Some things really are just free.
• Everything has a cost.
• Nothing has a cost.

GDP means

• Gross Domestic Product.
• Gross Deplorable Product.
• Good Dependable Product.

GDP is

• the worst way to tell how well a country's economy is doing.
• ability or capacity of a good or service to be useful and give satisfaction to someone.
• the sum/monetary value of all goods and service produced in a country in a year.