Scarcity & Opportunity Cost

Which of the following is a focus of economics?

• Literature

• Choices

• Art

• Music

How many types of incentives are there?

• Two

• Three

• Four

• Five

What does the phrase "even if that action seems to be 'free'" suggest about perceived costs?

• Perceived costs are always accurate

• Perceived costs are often misleading

• Perceived costs are irrelevant

• Perceived costs are always zero

How does the US military spending compare to other nations?

• It is less than the next seven nations combined

• It is equal to the next seven nations combined

• It is more than the next seven nations combined

• It is the same as one other nation

What does PPC stand for in economics?

• Production Possibilities Curve

• Product Price Calculation

• Profit Percentage Chart

• Production Planning Committee

Which of the following is not a factor of production?

• Land

• Labor

• Capital

• Technology

What is the primary benefit of Human Capital?

• Increases physical assets

• Enhances worker efficiency and innovation

• Provides financial resources

• Supplies raw materials

Which type of capital is essential for technological advancement?

• Physical Capital

• Human Capital

• Financial Capital

• Natural Capital

What economic principle is demonstrated by the production possibilities curve?

• Law of diminishing returns

• Law of supply

• Law of demand

• Law of opportunity cost

What is a positive incentive?

• Rewards incentives that make people better off.

• Penalties that make people worse off.