
Unit 1 Review Quiz: Basic Economic Concepts
Quiz by John Stigman
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Which of the following is not a part of the definition of economics?
How people, groups and societies deal with scarce resources is called?
The assumption economists make that says we will look at two variable while all others are held constant is called?
The assumption economists use in that people will use all their resources is called?
What is the basic law of economics?Â
Which of the following is NOT one of the three questions involved in organzing an economy?
The cost of using resources for one purpose compared to another is which of the following?
When considering the opportunity cost, which of the following is true?