Mt4441 Lp3 Quiz V1 Scarcity Exists Because

Your quiz has been submitted successfully.Question 11 / 1 pointScarcity exists becauseA) the costs of production are high.B) some individuals have low income.C) people take too much leisure time.D) human wants exceed the resources available to satisfy them.E) some people make bad economic decisions.Question 20 / 1 pointMacroeconomics is the study ofA) how ceteris paribus affects causation.B) national or global economies.C) the actions of individual businesses.D) the actions of individual consumers.E) the government.Question 31 / 1 pointThe question "Should we produce houses using bricks or wood?" is an example of a ________ question.A) whatB) howC) whereD) for whomE) whyQuestion 41 / 1 pointThe benefit of a one-unit increase in an activityA) is called marginal cost.B) is always greater than the opportunity cost of that activity.C) decreases as you do more of it.D) is measured by what you must give up.E) is called rational-choice benefit.Question 51 / 1 pointThe ________ of something is the gain or pleasure that it brings.A) opportunity costB) rational choiceC) rational marginD) marginal costE) benefitQuestion 61