Multiple Choice
The core problem faced by all economic systems is that
A) scarcity forces each of us to make choices
B) the government must intervene to allocate scarce resources
C) of matching people's wants with their needs
D) of allocating unlimited resources
E) it needs to maximize each household's material standard of living
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Opportunity costs exist because<br>A) there is a
Q2: Microeconomics<br>A) addresses scarcity from a global perspective<br>B)
Q3: The opportunity cost of any activity can
Q4: In one hour,George can fix 4 flat
Q5: The unemployment rate for the economy as
Q7: The opportunity cost of a particular activity
Q8: An economic model can be described as<br>A)
Q9: High-income people will sometimes pay higher prices
Q10: Macroeconomic models focus on the behavior of<br>A)
Q11: Assume that Kelly's various possible activities are