What does the concept of scarcity imply in economics?

Quiz 01 for Microeconomics

Quiz
•
Business
•
University
•
Easy
Pubudini Liyanage
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited resources and unlimited wants
Limited resources and limited wants
Limited resources and unlimited wants
Unlimited resources and limited wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A statement that can be tested and verified is called a ______ statement, while a statement that is based on opinion or value judgments is called a ______ statement.
Normative; positive
Positive; normative
Scientific; economic
Theoretical; practical
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a point inside the production possibility frontier (PPF) indicate?
Efficient use of resources
Unattainable production level
Inefficient use of resources
Maximum production capacity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines economics?
The study of money and finance
The study of how people allocate scarce resources to satisfy unlimited wants
The study of government policies and regulations
The study of how businesses maximize profits
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following topics is studied in microeconomics?
National unemployment rate
Government fiscal policy
The pricing strategy of a single firm
Inflation trends in an economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a shift outward of the PPF represent?
A decrease in available resources
Economic growth or technological improvement
An increase in unemployment
A decrease in opportunity cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a normative statement?
A decrease in interest rates leads to increased borrowing
Higher inflation reduces purchasing power
The government should increase funding for public schools
An increase in supply leads to a decrease in price
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