The basic truth that underlies the study of economics is the fact that we all face Multiple Choice death. taxes. risk. scarcity. < Prev 23 of 50Next > Help Save
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Luke H.
1) Economics is best defined as the study of how people, businesses, governments, and societies A) choose abundance over scarcity B) make choices to cope with scarcity C) use their infinite resources. D) attain wealth 2) Scarcity exists because A) society and people are greedy and wasted B) our wants exceed the resources available to satisfy them (C) of the inefficient choices we make D) poor people need more food and other goods.
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What do you call the condition in which our wants are greater than our limited resources? A. Economics C. Scarcity A. Opportunity Cost D. Trade-off 2 What do you call things that you gave up when you make a choice? A. Choice C. problem B. opportunity cost D. Trade-off 3 What do you call the application of economic principles and theories to real-world situations? A. Applied Economics C. Macroeconomics B. Economics D. Microeconomics 4. Which of the following is not a factor of production? A. Capital C. Labor B. Tax D. Land 5. What is supply? A. It is a choice that you gave up B. It is the amount of goods for sale C. It is the totality of our needs D. It refers to the economy
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