Question

intro to economics test
economic choice involves:
○ ignoring opportunity costs
○ selecting the most expensive option
○ using scarce resources to fulfill unlimited wants
○ relying solely on government decisions

Explanation:

To solve this, we analyze each option:

• "Ignoring opportunity costs" is incorrect. Opportunity cost is a key part of economic choice, so we can't ignore it.
• "Selecting the most expensive option" is wrong. Economic choice is about efficiency and meeting wants, not just cost.
• "Using scarce resources to fulfill unlimited wants" is correct. Economics is about how to allocate limited (scarce) resources to satisfy unlimited human wants, so economic choice involves this allocation.
• "Relying solely on government decisions" is incorrect. Economic choice can involve individual, firm, or market - based decisions too, not just government.

Answer:

C. Using scarce resources to fulfill unlimited wants