Why a tradeoff exists between two economic goals

Question

1.As a consequence of the condition of scarcity:

1. production has to be centrally planned.
2. there is never enough of anything.
3. individuals and communities have to make choices from among alternatives.
4. things which are plentiful have relatively high prices.

2. The opportunity cost of constructing a new public highway is the

1. value of other goods and services that must be sacrificed to construct the new highway.
2. value of shorter driving times and distances when the new highway is completed.
3. money cost of hiring contractors and construction workers for the new highway.
4. expected cost of constructing the new highway in a future year.

3. The law of increasing opportunity costs indicates that

1. the sum of all costs cannot rise above the market price of a product.
2. resources are perfectly mobile except for transportation costs.
3. to produce more of one good, society must sacrifice larger and larger amounts of alternative goods.
4. if the prices of all the resources involved in the production of goods increase, the cost of producing those goods will increase at the same rate.

4. A tradeoff exists between two economic goals, X and Y. This tradeoff means that

1. X and Y are equal.
2. X causes Y.
3. getting more of X requires getting less of Y.
4. getting more of X requires getting more of Y.

5. Which is not a factor of production?

1. Money
2. Land
3. Capital
4. Labor