Part1_ExtraHomework-4

Part1_ExtraHomework-4 - Intro Macro Extra Homework...

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Intro. Macro Extra Homework Questions Part 1 These questions are not a substitute for the questions in your study guide. These questions are to be done in addition to the questions in your study guide. Do not limit your studying to just these questions or only these topics. These questions will not be graded. They are to help you study. 1. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. 2. The phenomenon of scarcity stems from the fact that 3. When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing 4. In economics, the cost of something is 5. The opportunity cost of an item is a. the number of hours needed to earn money to buy the item. b. what you give up to get that item. c. usually less than the dollar value of the item. d. the dollar value of the item. 6. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying is
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7.Factors of production are
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