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Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does scarcity mean in economics?
💡 Hint: Think about what happens when resources are not enough.
Question 2
Easy
Name one reason why scarcity exists.
💡 Hint: Remember the limits of what we can use.
Practice 4 more questions and get performance evaluation
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is scarcity?
💡 Hint: Consider the balance between supply and demand.
Question 2
True or False: Unlimited human wants are limited to basic necessities.
💡 Hint: Think about lifestyle choices.
Solve 1 more question and get performance evaluation
Push your limits with challenges.
Question 1
A government has a budget of $100 million. To improve healthcare, it considers using $40 million for new hospitals. They also need to address education and infrastructure. How should they weigh their options, and what opportunity costs might arise?
💡 Hint: Think about the ripple effect of budget cuts.
Question 2
Discuss how finite resources can affect a country's competitive positioning in global resource markets, particularly in regard to technology adoption.
💡 Hint: Consider how technology can mitigate the effects of scarcity.
Challenge and get performance evaluation