Chapter 1 (3
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Chapter 1 Ten Principles of Economics
1. Choices must be made in the use of resources ( a )
a.
because they are in finite supply.
b.
because they are in finite demand.
c.
only if the resources are nonrenewable.
d.
because they are in infinite supply.
2. Social security programs are aimed at making the distribution of resources
in an economy more ( c )
a.
efficient. c. equitable.
b.
inefficient. d. inequitable.
3. The opportunity cost of building an additional parking lot at your school is
( b )
a.
the cost of concrete, labor, etc. used to build the lot.