{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ch1 - ch1 Student 1 The central problem of economics is the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ch1 Student: ___________________________________________________________________________ 1. The central problem of economics is the: A. Distribution of goods and services to those in need. B. Scarcity of resources relative to human wants. C. Inefficiency of government operations. D. Unemployment of certain factors of production. 2. The primary concern of economics is the study of: 3. Which of the following explains why economic choices must be made? 4. The study of economics focuses on: 5. Which of the following represents a scarce resource? A. Food but not clothing. B. Gasoline but not skilled workers. C. Skilled workers but not clothing. D. Food, clothing, gasoline and skilled workers. 6. Opportunity cost may be defined as the: A. Most desired goods or services that are forgone in order to obtain a particular good. B. Dollar price paid for a final good or service. C. Dollar cost of producing a particular product. D. Dollar cost of the next best alternative resources for producing a good. 7. Given that resources are scarce: 8. The opportunity cost of playing tennis with your friend is: 9. The concept of opportunity cost would become irrelevant if:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}