Econ 211 Exam 1 Already Verified A+
1. Because of scarcity:
Why do we face trade-offs in almost every decision we make? - A. Choices are unlimited - B. We face trade-offs in nearly every choice we make ️ - C. Wants are limited - D. Resources are limitless ---
2. What is the primary issue re...
Why do we face trade-offs in almost every decision we make?
- A. Choices are unlimited
- B. We face trade-offs in nearly every choice we make ✔️
- C. Wants are limited
- D. Resources are limitless
---
2. What is the primary issue related to scarcity?
What is the main concern when addressing the imbalance between unlimited wants and limited
resources?
- A. Ensuring critical resources like oil and forests are not depleted
- B. Determining how to meet unlimited wants with limited resources ✔️
- C. Trying to satisfy everyone's basic needs to eliminate poverty
- D. Ensuring a sufficient standard of living is achieved
---
3. You observe a large group of stranded passengers by a broken bus, but you only have three seats
available. You must choose which three passengers to save because of:
What economic concept is exemplified in this scenario?
- A. Scarcity ✔️
- B. Macroeconomics
- C. Efficiency
- D. Trade
, ---
4. Which term best captures the essence of economics?
What is the central focus of economics?
- A. Growth
- B. Happiness
- C. Money
- D. Choices ✔️
---
5. Which of the following is most closely associated with microeconomics?
Which scenario relates best to the study of individual economic behavior?
- A. The impact of rising consumer confidence on economic growth
- B. How the departure of individuals from the labor force affects unemployment
- C. How increasing wages influence the decision to work instead of attend school ✔️
- D. How rising prices lead to a decline in standards of living
---
6. Lisa is weighing three options: a) working for $60; b) writing a term paper valued at $40; or c) going
out with a friend valued at $80. The opportunity cost of writing the term paper is:
What is the value of the next best alternative when choosing to write the term paper?
- A. $140
- B. $0
- C. $20
- D. $80 ✔️
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