ECS1501 ASSIGNMENT 1 FOR 1ST SEM 2025

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ECS1501 ASSIGNMENT 1 FOR 1ST SEM 2025

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ECS1501 ASSIGNMENT 1 FOR 1ST SEM 2025

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ECS1501 ASSIGNMENT 1
FOR SEMESTER 1 2025

FEND TUTORIALS

, Started on Friday, 2 May 2025, 3:39 AM
State Finished
Completed on Friday, 2 May 2025, 4:04 AM
Time taken 24 mins 57 secs
Marks 37.00/40.00
Grade 92.50 out of 100.00

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Opportunity cost is caused by limited resources.

True

False
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Economics is

the study of choice under conditions of scarcity.

fundamentally the same as sociology.

exclusively the study of business firms.

the study of the markets for stocks and bonds.

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Scarcity is a problem in poor countries only.

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False
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Opportunity cost arises when more quantities of one good can be obtained by sacrificing quantities of
another good.

True

False

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In every economic system, choices must be made because resources are ________ and wants are
________ .
Select one:

limited; limited

limited; unlimited

unlimited; unlimited

unlimited; limited
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Uploaded on: May 2, 2025
Number of pages: 19
Written in: 2024/2025
Type: Other
Person: Unknown

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