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Business Economics Quiz

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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?

Microeconomics

Business Economics (correct)

Macroeconomics

Political Economy

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'?

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?

Microeconomics Signup and view all the answers

What are the three basic economic problems that need to be addressed?

What to Produce, How to Produce, For whom to Produce Signup and view all the answers

What is the meaning of Business Economics?

Business Economics refers to the study of how economic principles can be applied to analyze and solve business problems. Signup and view all the answers

What is the scope of Business Economics?

The scope of Business Economics includes analyzing demand and supply, pricing, production and cost analysis, market structure, business cycles, and government policies affecting business operations. Signup and view all the answers

What is the difference between Micro Economics and Macro Economics?

Micro Economics focuses on individual economic units such as households and firms, while Macro Economics studies the overall economy and its aggregates. Signup and view all the answers

What are the learning outcomes of this chapter?

The learning outcomes of this chapter are to explain the meaning of Economics, describe the meaning and nature of Business Economics, and describe the scope of Business Economics. Signup and view all the answers