11. Economics is a. The study of how choices are made becasse of scarcity b. The
ID: 1126329 • Letter: 1
Question
11. Economics is a. The study of how choices are made becasse of scarcity b. The study of how the values and preferences of human decision makers are c. Interesting but not applicable to the real wor d. The study of how to make money in butiness 12. The opportunity cost of choosing an alternative is The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosn c. The highest valued alternative foregone as the nesult of the choice d. The money cost of the optin 13. Reliance upon the market to allocate resources is kely to produce a. Rationing of goods b. Inefficient production methods c. Anefficent variety ofpodsrd services, with-eptions d. Good employment opportunities for central planners 14. Factors of production are a. Used to produce goods and services b. Owned by firms c Abundant in most economies d. Used by both firms and households 15. The main factors of production the s a. land, labor, factories, and business activity b. Land, minerals, capital and business activiy c Land, labor, physical capital, and human capital d. land, weat , natural resources, and 26. An economy enbts eticency a. it produces more than enough food to feed everyone b. it produces more goods and services in each successive year d. it produces enough output so thait no one lives in poverty 17. Scarcity exists a. In the United States but not in Australia b. In the United States but not on a Caribbean sland 18. In the circular fiow diagram, firms and households interact fundamentally through 19. An open economy is one that a. Has no monopoly or cartels b. Alows private ownership of factors of production c Engages in trade with other economies d. Has no secret actsExplanation / Answer
Ans:
11) Option A
The study of how choices are made because of scarcity
Economics is the study of how people, institutions, and society make choices under the conditions of scarcity.
12) Option C
The highest valued alternative forgone as the result of the choice.
Opportunity cost is the benefit forgone from other alternatives when one alternative is choosen.
13) Option C
An efficient variety of goods and services with some exceptions
14) Option A
Used to produce goods and services
15) Option C
Land , labor , Physical capital , Human capital.
16) Option C
If it produces maximum output with given resources and technology.
17) Option D
Every where in the world
18) Option A
Markets
19) Option C
Engages in trade with other economies
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