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ECON 1540 Lecture 1: econ104 course notes

Canada

Introductory Mathematical Economics II

Economics

York University

History & Dev. Of Feminist Theory

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In a world characterized by scarcity A) opportunity cost is zero. B) all goods are free. C) we are not limited by time. D) people must make choices among alternatives. E) individuals need not work to obtain goods.

Scarcity exists when:
A) individuals can have more of one good but only by giving up something else.
B) making choices among two or more alternatives is not necessary.
C) resources are unlimited.
D) individuals can have more of any good without giving up anything.

Explain the concept of Scarcity and Choice &amp; Scarcity and opportunity cost.

ECON 1540 Lecture 1: econ104 course notes

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