What is the meaning of scarcity in construction economics?

Micro and Macro Economics in Construction

Quiz
•
Business
•
6th Grade
•
Easy
MAYAMIN YUHANIZ
Used 2+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Resources are always sufficient
No competition for resources
Resources are limited but wants are unlimited
Unlimited resources for all projects
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does opportunity cost refer to in construction projects?
The value of the next best alternative forgone
The cost of unused materials
The profit of a project
The total cost of construction
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of the tendering process in construction?
To complete the project on time
To determine the market price for raw materials
To bid for a project and secure contracts
To design the building
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a key feature of monopolistic competition in construction?
A single firm dominates the market
Firms differentiate their products to compete
All firms produce the same products
No competition exists in the market
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which factor most directly affects demand for owner-occupied housing?
Weather conditions
Cost of borrowing
Color of the house
Availability of machinery
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the main goal of efficient resource management in construction?
To eliminate subcontractors from the process
To delay project timelines for better quality
To increase the complexity of construction projects
To reduce project costs and ensure timely completion
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What happens at market equilibrium in the construction industry?
Supply is greater than demand
The market stops operating
Demand equals supply, and prices stabilize
Demand is greater than supply
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