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Questions and Answers
What is the basic economic problem?
What is the basic economic problem?
- Equal distribution of resources to fulfill human wants
- Overabundance of resources relative to human wants
- Scarcity of resources relative to human wants (correct)
- Lack of human wants relative to available resources
What does the production possibility curve illustrate?
What does the production possibility curve illustrate?
- Equal distribution of resources
- Opportunity cost and trade-offs (correct)
- Unlimited resources and wants
- Perfect allocation of resources
What is the primary function of a central bank?
What is the primary function of a central bank?
- Controlling the money supply and interest rates (correct)
- Issuing currency notes
- Regulating stock markets
- Providing loans to individuals
