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Worksheetsscarcity, trade-offs, opportunity cost
Total questions: 11
Worksheet time: 6mins
economic models are based on
scarcity
positive statements
basic assumptions
resources
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
macroeconomics is involved with the
economy in agregate
free market
individual allocations of scarce resources
consumer and supplier
economic models are
based on assumptions
subjective and never conclusive
simplified
valuable
complex
if a point falls in the interior of a ppc, there is a(n)
decreasing opportunity cost
economic growth
boom of resources
recession
which of the following are scarce resources?
sunlight
land
labor
air
clean water
what is the term for giving up goods to obtain another?
trade-offs
opportunity costs
economics is based on the
market and free trade concepts
allocation of scarce resources
study of the stock market
transfer of money
a decreasing opportunity cost is
besides scarcity, economics is based on
mathematical theories
morals
human behavior
social structures
