Answered: 1. Scarcity means that resources are:…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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1. Scarcity means that resources are: a. Unlimited b. Under severe restrictions c. Fewer people want them d. Less able to be fulfills 2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is a. Can of drink b. Can of drink and packet of crisps c. Packet of crisps d. Chocolate bar 3. For future development of the economy, sustainable growth is important a. True b. False 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control growth of unemployment c. Protect the market system d. Allocate resources to satisfy wants 8. Annabel’s demand for shampoo depends on a. Choices based on unlimited options b. Scares resources c. Making choice based on limited options d. Budgeting based on impulse buying 9. A need is a. something that a person must have in order to survive b. something that would help a person survive c. something that a person wants to look good 10. The economy gets a lot of money from a. Trading with other countries b. Selling food in a restaurant c. Speed cameras

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