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the most basic concern of economists is to
- A. create human wants
- B. saisfy all human wants
- C. redistrubute income so that it is used correctly
- D. create perfect competition
- E. allocate scarce resources to satisfy human wants
44
Opportunity cost is define as the
- A. money cost
- B. cost of production
- C. real cost
- D. variable cost
- E. fixed cost
45
Scarcity in Economics generally refers to
- A. a period of production
- B. hoarding of goods
- C. monopolization of existing supply of resources
- D. period of famine
- E. resources being limited
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Economics is a social science because it
- A. deals with an aspect of hman behaviour
- B. provides people with commodity they want
- C. deals with limited resources which have alternative uses
- D. deals with the production of goods for present and future consumption
- E. is related to how choice is made