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Economics is the study of A) production technology B) consumption decisions C) how society decides what, how, and for whom to produce D) the best way to run society 2 A resource is scarce if supply exceeds demand at zero price A) TRUE B) FALSE 3 The opportunity cost of a good is A) the time lost in finding it B) the quantity of other goods sacrificed to get another unit of that good C) the expenditure on the good D) the loss of interest in using savings 4 A market can accurately be described as A) a place to buy things B) a place to sell things C) the process by which prices adjust to reconcile the allocation of resources D) a place where buyers and sellers meet 5 A command economy decides resource allocation by government planning A) TRUE B) FALSE 6 In a free market __________ ___________ A) governments intervene B) governments plan production C) governments interfere D) prices adjust to reconcile scarcity and desires
Economics is the study of A) production technology B) consumption decisions C) how society decides what, how, and for whom to produce D) the best way to run society 2 A resource is scarce if supply exceeds demand at zero price A) TRUE B) FALSE 3 The opportunity cost of a good is A) the time lost in finding it B) the quantity of other goods sacrificed to get another unit of that good C) the expenditure on the good D) the loss of interest in using savings 4 A market can accurately be described as A) a place to buy things B) a place to sell things C) the process by which prices adjust to reconcile the allocation of resources D) a place where buyers and sellers meet 5 A command economy decides resource allocation by government planning A) TRUE B) FALSE 6 In a free market __________ ___________ A) governments intervene B) governments plan production C) governments interfere D) prices adjust to reconcile scarcity and desires
Economics is the study of
Economics is the study of
A) production technology

A)
production technology
B) consumption decisions

B)
consumption decisions
C) how society decides what, how, and for whom to produce

C)
how society decides what, how, and for whom to produce
D) the best way to run society

D)
the best way to run society

2 A resource is scarce if supply exceeds demand at zero price
2

A resource is scarce if supply exceeds demand at zero price

A) TRUE

A)
TRUE
B) FALSE

B)
FALSE

3 The opportunity cost of a good is
3

The opportunity cost of a good is

A) the time lost in finding it

A)
the time lost in finding it
B) the quantity of other goods sacrificed to get another unit of that good

B)
the quantity of other goods sacrificed to get another unit of that good
C) the expenditure on the good

C)
the expenditure on the good
D) the loss of interest in using savings

D)
the loss of interest in using savings

4 A market can accurately be described as
4

A market can accurately be described as

A) a place to buy things

A)
a place to buy things
B) a place to sell things

B)
a place to sell things
C) the process by which prices adjust to reconcile the allocation of resources

C)
the process by which prices adjust to reconcile the allocation of resources
D) a place where buyers and sellers meet

D)
a place where buyers and sellers meet

5 A command economy decides resource allocation by government planning
5

A command economy decides resource allocation by government planning

A) TRUE

A)
TRUE
B) FALSE

B)
FALSE

6 In a free market __________ ___________
6

In a free market __________ ___________

A) governments intervene

A)
governments intervene
B) governments plan production

B)
governments plan production
C) governments interfere

C)
governments interfere
D) prices adjust to reconcile scarcity and desires

D)
prices adjust to reconcile scarcity and desires
prices adjust to reconcile scarcity and desires

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