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Questions and Answers
Which term is used to describe the study of how households and businesses make choices to allocate limited resources?
Which term is used to describe the study of how households and businesses make choices to allocate limited resources?
- Microeconomics
- Business Economics (correct)
- Macroeconomics
- Political Economy
What is the meaning of the term 'Oikonomia'?
What is the meaning of the term 'Oikonomia'?
- Household (correct)
- Economics
- Wealth
- Inquiry
Who is the author of the book 'An Inquiry into the Nature and Causes of the Wealth of Nations'?
Who is the author of the book 'An Inquiry into the Nature and Causes of the Wealth of Nations'?
- Milton Friedman
- John Maynard Keynes
- Karl Marx
- Adam Smith (correct)
Which term refers to the study of individual economic units such as households and firms?
Which term refers to the study of individual economic units such as households and firms?
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What are the three basic economic problems that need to be addressed?
What are the three basic economic problems that need to be addressed?
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What is the meaning of Business Economics?
What is the meaning of Business Economics?
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What is the scope of Business Economics?
What is the scope of Business Economics?
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What is the difference between Micro Economics and Macro Economics?
What is the difference between Micro Economics and Macro Economics?
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What are the learning outcomes of this chapter?
What are the learning outcomes of this chapter?
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What was Economics known as before the 19th century?
What was Economics known as before the 19th century?
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