ECON 201 ALL CHAPETRS WITH VERIFIED ANSWERS

1 : Scarcity means that there is less of a good or resource available than people wish to have.a. Trueb. False A : true B : false Correct Answer : A 2 : Economics is the study of how fairly goods and services are distributed within society.a. Trueb. False A : true B : false Correct Answer : B 3 : With careful planning, we can usually get something that we like without having to give up something else that we like.a. Trueb. False A : true B : false Correct Answer : B 4 : Equity means everyone in the economy should receive an equal share of the goods and services produced.a. Trueb. False A : true B : false Correct Answer : B 5 : Equity refers to how the pie is divided, and efficiency refers to the size of the economic pie.a. Trueb. False A : true B : false Correct Answer : A 6 : Tuition is the single-largest cost of attending college for most students.a. Trueb. False A : true B : false Correct Answer : B 7 : The cost of an action is measured in terms of foregone opportunities.a. Trueb. False A : true B : false Correct Answer : A