Scarcity

Which of the following contributes to the economic problem of scarcity?

(E) Resources are limited.

Which of the following is an example of a factor of production?

(D) Capital

What is the fundamental problem that economics attempts to address?

(C) How to fulfill unlimited wants with limited resources

Which of the following is the most fundamental issue that economics addresses?

(E) Use of scarce resources

The concept of opportunity cost would no longer be relevant if

(B) the supply of all resources were unlimited

Which of the following is not considered an economic resource?

(E) Stocks

Which of the following describes scarcity?

(B) Wants exceed resources.

Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie’s situation best illustrates which economic concept?

(B) Scarcity

Scarcity exists because

(A) human wants exceed the productive capacity of the economy

The fundamental economic problem is

(B) the scarcity of resources

All societies face a trade-off for every decision for which of the following reasons?

(B) Resources are scarce.