Econ Multiple Choice
An opportunity cost is entailed in which of the following situations?
a farmer decides to grow more wheat and less barley
scarcity exists because
humans wants exceed the availability and productivity of resources
a production possibilities curve is bowed up, indicating an increasing opportunity cost because of the
imperfect adaptability of resources to its alternative uses
in terms of production, which of the following best defines opportunity cost
it is the amount of one product that must be given up in order to produce an additional unit of another product
which of the following statements correctly describes the economic concept of scarcity?
scarcity means that society has limited resources, and it exists when a society has to make a decision regarding how to allocate its resources
scarcity requires choice. all choices made result in a "trade-off". All of the following are examples of a trade-off except
spending time in the weight room makes you stronger and better at soccer
The study of economics is primarily concerned with which of the following
the allocation of scarce resources, given unlimited wants