Which of the following scenarios most accurately reflects the concept of scarcity?
  • An examination of how much of a particular good gets produced
  • Brett is a farmer with an open field on which he can plant either soybeans or corn.
  • The chance to play the latest video game with your roommate while you were at the concert
  • An examination of inflation
Maurice needs to purchase something that economists would label as "land" to help him produce cloth to sell to the fashion industry. Which of the following is an example of land?
  • Cotton to be woven into fabric
  • A meat slicer to cut ham for sandwiches
  • -Macroeconomics-microeconomics
  • An examination of inflation
The tools and machines used to produce a good or service are what type of market resource?
  • Entrepreneurial ability
  • An examination of inflation
  • Land
  • Capital
The fish in the ocean are what type of market resource?
  • An examination of consumer behavior
  • An examination of inflation
  • Capital
  • Land
Economic reasoning is based on the premise that:
  • all decisions or actions have a cost associated with them.
  • An examination of how much of a particular good gets produced
  • An examination of inflation
  • the next-best alternative for the resources used to undertake the action.
Which of the following can best be characterized as a subject of microeconomics?
  • Brett is a farmer with an open field on which he can plant either soybeans or corn.
  • The chance to play the latest video game with your roommate while you were at the concert
  • An examination of consumer behavior
  • An examination of inflation
Samantha needs to purchase something that economists would label as "labor" to help her produce court documents for her law firm. Which of the following is an example of labor?
  • An examination of monetary policy
  • Cotton to be woven into fabric
  • A meat slicer to cut ham for sandwiches
  • A stenographer who can type courtroom proceedings
__________________examines economies on a large scale, while __________________ correct examines economic activity on a relatively small scale.
  • -Macroeconomics-microeconomics
  • Cotton to be woven into fabric
  • A meat slicer to cut ham for sandwiches
  • Entrepreneurial ability
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