Econ 211 Exam 1 Practice Questions and Answers (100% Pass)
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Course
ECON 211
Institution
ECON 211
Econ 211 Exam 1 Practice Questions and
Answers (100% Pass)
B - Answer️️ -Because of scarcity:
A. choices are unlimited
B. we face tradeoffs in nearly every choice we make
C. wants are limited
D. resources are limitless
B - Answer️️ -What is the main problem addressed with scarcity?
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Econ 211 Exam 1 Practice Questions and
Answers (100% Pass)
B - Answer✔️✔️-Because of scarcity:
A. choices are unlimited
B. we face tradeoffs in nearly every choice we make
C. wants are limited
D. resources are limitless
B - Answer✔️✔️-What is the main problem addressed with scarcity?
A. making sure that critical resources such as oil and forests are not
depleted
B. determining how to address unlimited wants with limited resources
C. trying to satisfy the basic needs of everyone to eliminate poverty
D. ensuring that an adequate standard of living is achieved
A - Answer✔️✔️-You see a large group of stranded passengers standing next
to a disabled bus, and you have only three seats. You have to decide which
three passengers to rescue because of:
D. how rising prices cause standards of living to fall
D - Answer✔️✔️-Lisa is choosing between three alternatives: a) working at
her job that pays 60 dollars; b) writing a term paper which she values at 40
dollars; or c) going out with a friend, which she values at 80 dollars. The
opportunity cost of writing the term paper is :
A. 140 dollars
B. 0 dollars
C. 20 dollars
D. 80 dollars
A - Answer✔️✔️-The price of gas is $2.50 per gallon at the closest gas station,
but is only $2.30 per gallon at a gas station two miles away. By driving to
the farther gas station, the opportunity cost is:
A. the value of one's time and expenses to go to the farther gas station
B. non-existent because gas is cheaper at the farther station
C. the cost of filling one's tank at the original price of $2.50 per gallon
D. $0.20 per gallon, the difference in price between the two gas stations
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