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what is the study of economics primarily concerned with? It is mostly concerned with Choices which are made in seeking to use scarce resources efficiently.
The concept of choice would become irrelevant if _____ was eliminated If scarcity was eliminated
The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity Scarcity
Individuals and businesses must make choices because a) They must act rationally b) Of resource scarcity c) Of the law of diminishing returns Of resource scarcity
In a market-based economy the scarcity of factors of production means that a) Consumers must inevitably consider the opportunity cost of their choices b) A country cannot achieve economic growth every year c) Inflation is inevitable d) The economy cannot produce on its production possibility frontier Consumers must inevitably consider the opportunity cost of their choices
If scarce resources are allocated efficiently then a) Equal amounts of land, labour and capital have been used in producing a good or service b) Firms are maximising their sales and profits c) All consumers have equal amounts of goods and services d) It is impossible to increase the output of one good without reducing the output of another good It is impossible to increase the output of one good without reducing the output of another good
The existence of scarcity implies that. a) There are no free goods b) Only rich households can save c) Supplies of factors of production cannot be increased d) Households, firms and governments must make choices Households, firms and governments must make choices
If a consumer is acting rationally, we mean that a) They save a proportion of their monthly income rather than spend it all b) They won’t take a job that pays low wages c) They weigh up the costs and benefits of each choice they make d) They will always buy the products in the market that are cheapest They weigh up the costs and benefits of each choice they make
Allocating scarce products such as cup final tickets by using ballot or a lottery is an example of a) The profit motive b) Rationing c) Only selling to the highest bidder Rationing
Choice is important in the basic economic problem because a) Wants increase with income b) Scarce economic resources are distributed equally c) Limited economic resources have many alternative uses d) High demand leads to higher market prices Limited economic resources have many alternative uses

what is the study of economics primarily concerned with?

The concept of choice would become irrelevant if _____ was eliminated

The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity

Individuals and businesses must make choices because a) They must act rationally b) Of resource scarcity c) Of the law of diminishing returns

In a market-based economy the scarcity of factors of production means that a) Consumers must inevitably consider the opportunity cost of their choices b) A country cannot achieve economic growth every year c) Inflation is inevitable d) The economy cannot produce on its production possibility frontier

If scarce resources are allocated efficiently then a) Equal amounts of land, labour and capital have been used in producing a good or service b) Firms are maximising their sales and profits c) All consumers have equal amounts of goods and services d) It is impossible to increase the output of one good without reducing the output of another good

The existence of scarcity implies that. a) There are no free goods b) Only rich households can save c) Supplies of factors of production cannot be increased d) Households, firms and governments must make choices

If a consumer is acting rationally, we mean that a) They save a proportion of their monthly income rather than spend it all b) They won’t take a job that pays low wages c) They weigh up the costs and benefits of each choice they make d) They will always buy the products in the market that are cheapest

Allocating scarce products such as cup final tickets by using ballot or a lottery is an example of a) The profit motive b) Rationing c) Only selling to the highest bidder

Choice is important in the basic economic problem because a) Wants increase with income b) Scarce economic resources are distributed equally c) Limited economic resources have many alternative uses d) High demand leads to higher market prices

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