ECON Assignment 1 questions with
verified answers
All individuals, even Bill Gates, must select among alternative goods because of -
answersscarcity
The central problem all individuals face is - answersscarcity of resources
Economics is the study of - answershow individuals and nations deal with the problem
of scarcity
Fill in the blank: Economics is the study of ________ and its ________. -
answerschoice; unintended consequences
A resource is something that - answersis used to produce goods and services
Resources are divided into the following broad categories: - answerscapital, natural
resources, labor, and entrepreneurial ability
When economists refer to capital, they might mean - answershuman skills used in
production
"Natural resources" refers to - answersall of the answers are correct
In economics, capital is defined as - answershuman creations used in the production
process
Goods and services are exchanged in - answersproduct markets
Lands are exchanged in - answersresource markets
Households - answersown and sell resources
The respective payments for the resources of capital, labor, entrepreneurial ability, and
natural resources are - answersinterest, wages, profit, and rent
In a circular-flow model, households supply all of the following except - answersgoods
and services
verified answers
All individuals, even Bill Gates, must select among alternative goods because of -
answersscarcity
The central problem all individuals face is - answersscarcity of resources
Economics is the study of - answershow individuals and nations deal with the problem
of scarcity
Fill in the blank: Economics is the study of ________ and its ________. -
answerschoice; unintended consequences
A resource is something that - answersis used to produce goods and services
Resources are divided into the following broad categories: - answerscapital, natural
resources, labor, and entrepreneurial ability
When economists refer to capital, they might mean - answershuman skills used in
production
"Natural resources" refers to - answersall of the answers are correct
In economics, capital is defined as - answershuman creations used in the production
process
Goods and services are exchanged in - answersproduct markets
Lands are exchanged in - answersresource markets
Households - answersown and sell resources
The respective payments for the resources of capital, labor, entrepreneurial ability, and
natural resources are - answersinterest, wages, profit, and rent
In a circular-flow model, households supply all of the following except - answersgoods
and services
