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Chapter 1-13 Chapter 1 What's in Economics for You? Scarcity, Opportunity Cost, Trade, and Models 1.1 Are You Getting Enough? Scarcity and Choice 1) Economics is about A) making money. B) greed. C) making choices because of scarcity. D) overcoming scarcity. E) overcoming greed. Answer: C Diff: 1 Type: MC Page Ref: 4 Skill: Recall Objective: 1.1 Explain scarcity and describe why you must make smart choices among your wants. 2) Economics is about A) how individuals make the best possible choices. B) how businesses make the best possible choices. C) how governments make the best possible choices. D) how choices interact in markets. E) all of the above. Answer: E Diff: 1 Type: MC Page Ref: 4 Skill: Recall Objective: 1.1 Explain scarcity and describe why you must make smart choices among your wants. 3) Which of the following limits our ability to get everything we want?
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