Economics Short Quiz 1. 1) An incentive
A) is the opposite of a tradeoff.
B) could be a reward but could not be a penalty.
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D) could be a penalty but could not be a reward.
2) The most fundamental economic problem is
A) security.
B) the fact the United States buys more goods from foreigners than we sell to foreigners.
C) health.
D) scarcity.
3) Economics is best defined as the study of how people, businesses, governments, and societies
A) make choices to cope with scarcity.
B) attain wealth.
C) choose abundance over scarcity.
D) use their infinite resources.
4) Economists point out that scarcity confronts
A) the rich but not the poor.
B) the poor but not the rich.
C) both the poor and the rich.
D) neither the poor nor the rich. 4)
5) Scarcity requires that people must
A) trade.
B) compete.
C) cooperate.
D) make choices.
6) As an economic concept, scarcity applies to
A) neither time nor money.
B) both money and time.
C) time but not money.
D) money but not time.
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