Eco - Chapter 1 - What is Economics?

Eco - Chapter 1 - What is Economics?

22 Qs

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Eco - Chapter 1 - What is Economics?

Eco - Chapter 1 - What is Economics?

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Anthony Rizzo

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The need to make choices arises because

some things are not limited
shortages are constant situation
everything that exits is limited
people need to share their resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The basic problem of economics is

scarcity
shortages
lack of choice
overabundance of resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

To an economist, a want is

something you do not have
something you must have to survive
someething other than a basic survival need
something most people have

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

The four factors of production are the resources of land, labor, capital, and:

productivity
entrepreneurship
technology
services

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

As an economic term, land includes:

work people do
machinery
natural resources
knowledge

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What trade-off is involved when you buy a CD?

exchanging time for money
exchanging money for goods
exchanging one service for another
exchanging goods for services

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

In a trade-off, opportunity cost is the value of the:

factors of production
scarce resources
action that was chosen
next best alternative

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