Choice involves opportunity cost because?
A. goods give different utilities B. available resources are inadequate C. there are many goods to select from D. not all goods have the same price Correct Answer: Option B – available resources are inadequate
A decision on input combination solves the economic problem of?
A. how to produce B. for whom to produce C. when to produce D. what to produce Correct Answer: Option D – what to produce
A distribution is said to be positively skewed if it?
A. has a long tail to the left B. has a long tail to the right C. is bimodal D. is bell-shaped Correct Answer: Option B – has a long tail to the right
Given that demand and price remain unchanged an outward shift of the supply curve will lead to?
A. hoarding B. excess supply C. excess demand D. a blank market Correct Answer: Option B – excess supplyProducts
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