Lec-2 - Problem When economists refer to scarcity they mean...

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Problem When economists refer to scarcity, they mean a) Population growth will lead to massive shortages of goods in the future. b) Resources, especially land resources, are finite in quantity. c) Human desires for goods are greater than the available resources. d) Human desires for goods and services are satisfied only in wealthy countries of the world.
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Problem During the time when she took this quiz, Susannah could instead have practiced her violin or done her French homework. She thinks that if she hadn't taken the quiz, she would have done her French homework. Her opportunity cost of taking the quiz is the value of (a) practicing her violin (b) doing her French homework (c) practicing her violin and doing her French homework (d) the time it took to do the quiz
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Problem Which of the following is a land resource? A) Implements used to work the land, like plows. B) Minerals inside the earth. C)Minerals made into items like rings and bracelets. D) A wooden desk.
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Problem The opportunity cost of increased defense spending is a) The money spent on defense. b) Approximately $700 billion per year. c) Approximately $700 million per year. d) The production of other goods that could be produced with those same resources.
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Problem A dairy farmer decides to use automatic milking machines instead of milking by hand. His decision answers which economic question? a) How to produce? b) For whom to produce? c) What to produce? d) Will products be made efficiently or not?
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Problem Which of the following is a characteristic of a laissez faire system? a) All resources are used communally. b) Economic activity is coordinated by government decision makers.
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