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ECON 2301 (Ch.1 Quiz) - Quiz Chapter One 1. Economics is...

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ECON 2301 (Ch.1 Quiz)

ECON 2301 (Ch.1 Quiz) - Quiz Chapter One 1. Economics is...

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Quiz Chapter One 1. Economics is primarily the study of how limited resources are allocated to satisfy unlimited wants. 2. Which of the following goods would be considered scarce? iPods, crude oil and tax preparation services 3. Scarcity: occurs if there are insufficient resources to provide for all human wants. 4. The fundamental economic problem is scarcity. 5. Which of the following is an example of an individual motivated by self-interest? A student volunteering at a soup kitchen, an attorney providing free legal services to low income families, a young person volunteering for the Peace Corps, and a man buying a new Camaro. 6. Which of the following statements are true? As a result of scarcity, individuals must make choices and face trade-offs. It’s impossible to satisfy unlimited human wants with limited resources. 7. Scarcity will always be a problem there will never be enough resources to satisfy all human wants. The pricing system is necessary to allocate those resources.
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