Econ quiz 1

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

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