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Which of the following explains why economic choices must be made?

a. The factors of production are expensive.

b. The factors of production are used inefficiently.

c. The factors of production are of inferior quality.

d. The factors of production are scarce.

 

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Mahe Alam
Mahe AlamLv10
16 Sep 2020

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Related questions

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.

 

Diminishing returns occur because

A. A firm increases the amount of a variable input without changing a fixed input.

B. Of the use of inferior factors of production.

C. Of inefficiency in the production process.

D. Of lower opportunity costs of the factors of production.

24) The short run refers to a time period A) in which some factors of production are variable, but at least one factor of production is. B) in which all factors of production are fixed. C) in which all factors of production are variable. D) in which all factors of production are variable, but the technology is fixed. E) of one year or less.

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