WEEK1_PRACTICE_FUNDAMENTALS OF ECON QUIZu201350...

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ECO365T The Fundamentals of Economics Quiz – 50 questions Which of the following scenarios most accurately reflects the concept of scarcity? Brett is a farmer with an open field on which he can plant either soybeans or corn. The opportunity cost of an action is always equal to: the next-best alternative for the resources used to undertake the action. Macroeconomics examines economies on a large scale, while microeconomics examines economic activity on a relatively small scale. Consider the circular flow model to answer the questions that follow.
b. In the circular flow model, firms receive expenditures from households when households purchase goods and services in the product market .
The four factors of production (or types of resources) are:
Macroeconomics approaches the study of economics from the viewpoint of:
According to the circular flow model, product markets are where:
Which of the following is the best synonym for "marginal" in economics?

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