How does opportunity cost affect people's wants and needs?

Question

(1 point)
Responses

It changes the supply and demand of goods.
It changes the supply and demand of goods.

It requires them to make a choice.
It requires them to make a choice.

It requires them to be producers and consumers.
It requires them to be producers and consumers.

Opportunity cost does not impact wants and needs.

Answer 1

It requires them to make a choice.

Answer 2

When supply decreases and demand increases, what happens to the price of a good?

(1 point)
Responses

it increases
it increases

it stays the same
it stays the same

it decreases
it decreases

it is unaffected

Answer 3

it increases

Answer 4

increased competition between producers of a good may lead to

Answer 5

reduced prices.

Answer 6

Which type of economic system has the highest level of government control?

(1 point)
Responses

traditional economy
traditional economy

market economy
market economy

command economy
command economy

mixed economy
mixed economy

Answer 7

command economy

Answer 8

Which of the following is a feature of a good budget?

(1 point)
Responses

money reserved for saving
money reserved for saving

income that is less than its expenses
income that is less than its expenses

high use of credit
high use of credit

economic incentives

Answer 9

money reserved for saving