Question

1. _____ plays a key role in microeconomics.
Optimization
Optimizing
Optimized
Optimize
2. The _____ maximization problem is the heart of consumer theory.
opportunity
utility
demand
cost
3. _____ is the limited nature of society’s resources.
Opportunity
demand
Scarcity
Cost
4. _____ the quantity of goods and services produced from each unit of labor input.
Productivity
Demand
Cost
Scarcity
5. _____ is the property of distributing economic prosperity uniformly among the members of society.
Demand
Equality
Productivity
Cost
6. _____ is the property of society getting the most it can from its scarce resources.
Scarcity
Efficiency
Cost
Demand

Answer 1

1) Optimisation
2) Utility
3) Scarcity
4) Productivity
5) Equality
6) Efficiency