Economics Basics

Question 1

What is scarcity in economics?

Accepted Answer

Limited resources

Question 2

Which of the following is an example of opportunity cost?

Accepted Answer

A business using office space for a café instead of a retail store, Buying a new phone instead of saving, A government funding public transport instead of road upgrades

Question 3

Scarcity leads to what?

Accepted Answer

Choices

Question 4

Which is not a scarce resource?

Accepted Answer

Air

Question 5

Which of the following is an example of opportunity cost?

Accepted Answer

Choosing to go to a party instead of studying for an exam, Buying a new car instead of saving money, Spending money on a vacation instead of investing, Eating out at a restaurant instead of cooking at home

Question 6

Opportunity cost is related to scarcity

Accepted Answer

True

Question 7

Which of the following is an example of opportunity cost?

Accepted Answer

Paying rent for an apartment, A business using office space for a café instead of a retail store

Question 8

Which of the following is an example of opportunity cost?

Accepted Answer

Buying a new phone instead of saving, A business using office space for a café instead of a retail store, A government funding public transport instead of road upgrades

Economics Basics

Questions 8

Economics Basics

Questions 8