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Understanding Scarcity and Opportunity Cost Quiz

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1. What does the term 'opportunity cost' refer to in economics?

2. What is the principle of scarcity in economics?

3. How does scarcity affect the process of decision making in economics?

4. If a country decides to invest more in healthcare infrastructure, what could be an opportunity cost?

5. Connect the concept of scarcity to the need for choices and trade-offs in an economy.

6. If a student spends an hour studying for an economics exam, what is an example of the opportunity cost?

7. What is the relationship between scarcity, choice, and opportunity cost in economics?

8. Why is opportunity cost considered a trade-off?

9. What best describes the relationship between scarcity and opportunity cost?

10. How does the concept of opportunity cost play a role in decision making?