Society has limited resources and therefore cannot produce all the goods and services households demand it is called

1. Choice
2. Scaricity
3. Market
4. Production
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Answer: B
Explanation:
• N/A
34 3 Complains

The loss of the benefits from a decision to forego or sacrifice one option balanced against the benefits incurred from the choice made

1. Trade Off
2. Opportunity
3. Equilibrium
4. None of these
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Answer: A
Explanation:
• N/A
18 1 Complains

The property of distributing economic prosperity fairly among the members of society

1. Equality
2. Equity
3. Equilibrium
4. Injustice
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Answer: B
Explanation:
• N/A
10 2 Complains

whatever must be given up to obtain some item; the value of the benefits foregone.

1. Opportunity Cost
2. Fixed Cost
3. Total Cost
4. Variable cost
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Answer: D
Explanation:
• N/A
14 57 Complains

The system in which resources are organized and allocated to provide for the needs of an economy’s citizens is

1. Social Sustem
2. Natural Sysytem
3. Economic System
4. Financial System
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Answer: C
Explanation:
• N/A
3 4 Complains

A system which relies on the private ownership of factors of production to produce goods and services is called

1. Socialist
2. Capitalist
3. Independent
4. None of these
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Answer: C
Explanation:
• N/A
8 5 Complains

 An economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand is known as

1. Market Economy
2. Planned Economy
3. Centrally Planned Economy
4. None of theses
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Answer: A
Explanation:
• N/A
12 0 Complains

An economy in which economic activity organized by central planners who decided on the answers to the fundamental economic questions is called

1. Market Economy
2. Planned Economy
3. Barter Economy
4. None of theses
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Answer: B
Explanation:
• N/A
5 3 Complains

Who is the founder of economics

1. Adam Smith
2. Lionel Robbins
3. Paul Samuelson
4. Enrico Barone
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Answer: A
Explanation:
• N/A
14 0 Complains

"An Inquiry into the Nature and Causes of the Wealth of Nations" is a work of which economist

1. Lionel Robbins
2. Adam Smith
3. Paul Samuelson
4. Enrico Barone
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Answer: B
Explanation:
• N/A
10 0 Complains