ECS1501: ASSIGNMENT 3 SEMESTER 2 2022
All economic questions arise because we
want more than we can get.
want more than we need.
have an abundance of resources.
have limited wants that need to be satisfied.
Question 3
To meet increased demand for its good, a firm decides to hire a few high-skilled workers
rather than hire many low-skilled workers. The firm is answering the question.
"how"
"when"
"what"
"scarcity"
Clear my choice
economics is
the study of the markets for stocks and bonds
the study of choice under conditions of scarcity
exclusively the study of business firms
fundamentally the same as sociology
Clear my choice
, Question 5
For a business producing shirts and dresses, the opportunity cost of a dress is
the market price that the business can obtain for a dress.
the cost of the labour and raw materials used in making the dress.
the shirts that could have been produced with the resources used to make the
dress.
the total cost of all the resources used to make one dress.
Clear my choice
In economics, the necessity for choice arises from
high incomes and many goods.
scarcity of economic means for satisfying economic wants.
scarcity of time and knowledge, and numerous similar goods.
limited means to satisfy limited wants.
Clear my choice
Question 7
The cost of one good or service measured in terms of what must be sacrificed to obtain
it is called
real cost.
potential cost.
opportunity cost.
social cost.
Clear my choice
All economic questions arise because we
want more than we can get.
want more than we need.
have an abundance of resources.
have limited wants that need to be satisfied.
Question 3
To meet increased demand for its good, a firm decides to hire a few high-skilled workers
rather than hire many low-skilled workers. The firm is answering the question.
"how"
"when"
"what"
"scarcity"
Clear my choice
economics is
the study of the markets for stocks and bonds
the study of choice under conditions of scarcity
exclusively the study of business firms
fundamentally the same as sociology
Clear my choice
, Question 5
For a business producing shirts and dresses, the opportunity cost of a dress is
the market price that the business can obtain for a dress.
the cost of the labour and raw materials used in making the dress.
the shirts that could have been produced with the resources used to make the
dress.
the total cost of all the resources used to make one dress.
Clear my choice
In economics, the necessity for choice arises from
high incomes and many goods.
scarcity of economic means for satisfying economic wants.
scarcity of time and knowledge, and numerous similar goods.
limited means to satisfy limited wants.
Clear my choice
Question 7
The cost of one good or service measured in terms of what must be sacrificed to obtain
it is called
real cost.
potential cost.
opportunity cost.
social cost.
Clear my choice
