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1.The overriding reason why households and societies face many decisions is that a. resources are scarce. b. goods and services are not scarce. c. incomes

1.The overriding reason why households and societies face many decisions is that

a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree.

2.Jose has one evening in which to prepare for two exams and can employ one of two possible strategies:

Strategy Score in Economics Score in Statistics
A 94 79
B 77 90

The opportunity cost of receiving a 90 on the statistics exam is _____ points on the economics exam.

a. 79
b. 17
c. 11
d. 90

Figure 2-6

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