Economics

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sapphirewasp823Lv1

18 Aug 2020

Which of the following explains why economic choices must be made?
A. The factors of production are scarce.
B. The factors of production are expensive.
C. The factors of production are used inefficiently.
D. The factors of production are of inferior quality.

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Divya SinghLv10

10 Oct 2020

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Related questions

Choose the correct answer-

Economics is concerned with:

a) the choices people must make because resources are scarce.
b) human decision-makers and the factors that influence their choices.
c) the allocation of limited resources to satisfy virtually unlimited desires.

aquamarinemacaw945

6. Given that resources are scarce:

A. A "free lunch" is possible, but only for a limited number of people.

B. Poor countries must make choices, but rich countries do not have to make choices.

C. Opportunity costs are experienced whenever choices are made.

D. Some choices involve opportunity costs while other choices do not

7. The opportunity cost of playing tennis with your friend is:

A. Negative since its good exercise

B. Zero since you already own the tennis racket and play on a public court

C. The next-best alternative use of your time that is forgone.

D. The cost of the tennis lessons you took last year.

8. The concept of opportunity cost would become irrelevant if:

A. The market mechanism functioned to allocate resources.

B. The government allocated resources.

C. The production possibilities curve bowed outward.

D. Resources were no longer scarce.

9. If resources are limited:

A. People will rush to buy more goods than they would otherwise.

B. Businesses will sell more products than they would otherwise.

C. Choices that involve tradeoffs must be made.

D. All individuals are deprived of basic necessities.

10. Which of the following is true about the factors of production?

A. The factors of production as well as technology determine the physical limits to production

B. Rich countries have an unlimited quantity of factors.

C. The factors include natural resources but not skilled labor.

D. Some factors are scarce but other factors are not.

amethystraven1

Consider the four factors of production in economics. Suppose that in order to operate your business, you lease retail space in a building downtown. Define all four factors of production and identify which factor of production could categorize this building. Be explicit about why the building would be considered this factor of production instead of one of the other factors of production.