Econ quiz 1 – Flashcards
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With of the following is a subject that economists study?
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a. a growth in average income
b. the fraction of the population that cannot find work
c. the rate at which prices are rising
d. all of the above are correct
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A society allocates its scarce resources to various jobs. These scarce resources include
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a. land
b. people
c. machines
d. All of the above are correct
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Economics deals primarily with the concept of
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scarcity
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Economics is the study of how society manages its
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unlimited wants and limited resources.
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Which of the following is correct?
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Economists study the management of scarce resources.
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What term refers to the property that society has limited resources and therefore cannot produce all the goods and services people wish to have?
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scarcity
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Approximately what percentage of the world's economies experience scarcity?
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100%
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Economics is the study of
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how society manages its scarce resources.
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In considering how to allocate its scarce resources among its various members, a household considers
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a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. All of the above are correct
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Which of the following is not an example of scarcity?
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Miranda has an unlimited supply of oranges in her orchard.
