Practice Quiz

Praxis II Early Education Content Knowledge

Category - Social Studies

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Which of the following best describes an economic problem related to scarcity and choice?
  1. A store has too much of a product in stock and customers are not interested in it. The store owner has to decide whether to lower or raise the price.
  2. A store has too little of a product in stock and customers are very interested in it. The store owner has to decide whether to lower or raise the price.
  3. A company needs quality workers but is having difficulty finding people.
  4. The price of gas increases because of limited oil supplies. A resident of a major city has to decide whether to drive to work or take public transportation.
Explanation
Answer: D -The best example of an economic problem related to scarcity and choice is“the price of gas increases because of limited oil supplies” and “a resident of a major city has to decide whether to drive to work or take public transportation.” Because a resource or product is scarce, a choice has to be made. It may be better to preserve the resource, or it may at that moment be more beneficial to use the resource.
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