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Econ 211 Exam 1 Already Verified A+

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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...

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  • August 16, 2024
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  • 2024/2025
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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 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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