RCC Rockland Community College X D21 Quizzes - 23SP MICROECONOMICX G The Latin phrase economists use t X + X C O 8 . https://mylearning.suny.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d2/?ou=498539&isprv=&drc=0&qi=1640703& & E G Google iSolved HCM Rockland Community . Bb Welcome, Juan - Blac... Mail - Juan Llanos - O.. hot mail- Juan Llanos POLICE Rockland County Civil... Movies icloud Admissions Login Get Windows 11 | Mic... > > ECO 20100 - Exam 1 X Est. Length: 1:10:00 Time Taken:0:03:17 Juan Llanos: Attempt 1 Page 1: Question 3 (Mandatory) (1 point) 1 2 3 The reason that opportunity costs arise is that an economy relies on money to facilitate exchange of goods and services. 4 6 people have limited wants. O there are no alternative decisions that could be made. 7 8 9 O resources are scarce. 10 12 Question 4 (Mandatory) (1 point) Which of the following is the best definition of economics? 13 14 15 the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided 16 17 18 the study of how the federal government allocates tax dollars the study of how consumers spend their income 19 20 21 O the study of how business firms decide what inputs to hire and what outputs to produce Question 5 (Mandatory) (1 point)