S25TH - Microeconomics

If the quantity of lawyers supplied goes up 2% for every 1% increase in attorney salaries, the elasticity of supply for attorneys is _______.

• elastic
• inelastic
• Both of these.
• Neither of these.

If the quantity of lawyers demanded goes down 1% for every 2% increase in attorney salaries, the elasticity of supply for attorneys is _______.

• elastic
• inelastic
• Both of these.
• Neither of these.

What is the primary focus of economics?

• Money and finance
• Business
• Mathematics
• How humans make decisions in the face of scarcity

True or False. The primary focus of economics is money and finance.

• True
• False

True or False. Economics is the study of how individuals, families, businesses, and societies make decisions when faced with scarcity.

• True
• False

True or False. Scarcity arises when human wants exceed the available resources.

• True
• False

True or False. Because of scarcity, individuals must make choices about how to allocate their limited resources.

• True
• False

What is the ultimate scarce resource for everyone?

• Money
• Land
• Time
• Raw materials

True or False. The ultimate scarce resource for everyone, regardless of wealth, is time.

• True
• False

True or False. Money is the ultimate scarce resource.

• True
• False