1. What do you call the condition in which our wants are greater than our limited resources? C. Scarcity D. Trade-off A. Economics A. Opportunity Cost 2. What do you call things that you gave up when you make a choice? A. Choice B. opportunity cost C. problem D. Trade-off 3. What do you call the application of economic principles and theories to real- world situations? A. Applied Economics B. Economics C. Macroeconomics D. Microeconomics 4. Which of the following is not a factor of production? A. Capital В. Тах C. Labor D. Land 5. What is supply? A. It is a choice that you gave up B. It is the amount of goods for sale C. It is the totality of our needs D. It refers to the economy

1. What do you call the condition in which our wants are greater than our limited resources? C. Scarcity D. Trade-off A. Economics A. Opportunity Cost 2. What do you call things that you gave up when you make a choice? A. Choice B. opportunity cost C. problem D. Trade-off 3. What do you call the application of economic principles and theories to real- world situations? A. Applied Economics B. Economics C. Macroeconomics D. Microeconomics 4. Which of the following is not a factor of production? A. Capital В. Тах C. Labor D. Land 5. What is supply? A. It is a choice that you gave up B. It is the amount of goods for sale C. It is the totality of our needs D. It refers to the economy

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 6QP

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PPF
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