Exam 1: Ten Principles of Economics

In most societies,resources are allocated by

Approximately what percentage of the world's economies experience scarcity?

The English word that comes from the Greek word for "one who manages a household" is

Coal is considered to be a non-renewable energy source.Which of the following statements is correct?

Which of the following is not an example of scarcity?

Which of the following is a subject that economists study?

The study of how society manages its scarce resources is most closely associated with which field of study?

Which of the following products would be considered scarce?

A variety of fuels can be used to generate electricity.Considering only the availability of the fuel and not the cost of converting it into electricity,which of the following fuels is most scarce?

What term refers to the idea that society has limited resources and therefore cannot produce all the goods and services people wish to have?

Which of the following is correct?

Economics is the study of how society manages its

Which of the following is an example of something economists study?

In the broadest sense,economics is the study of

The word "economy" comes from the Greek word oikonomos,which means

When a society cannot produce all the goods and services people wish to have,the economy is experiencing

Fundamentally,economics deals with

The phenomenon of scarcity stems from the fact that

A society allocates its scarce resources to various uses.These scarce resources include

Which of the following is not subject to scarcity?​