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Questions and Answers
What is the study of economics primarily concerned with?
What is the study of economics primarily concerned with?
- Maximizing profits for businesses
- Forecasting future economic growth
- Analyzing historical economic trends
- Managing resources at an individual and group level (correct)
What does scarcity refer to in economics?
What does scarcity refer to in economics?
- The absence of wants for certain resources
- The equilibrium between wants and resources
- The excess of available resources over people's wants
- People's wants exceeding available resources (correct)
Which field of economics focuses on the study of individuals and firms?
Which field of economics focuses on the study of individuals and firms?
- Behavioral economics
- Macroeconomics
- Development economics
- Microeconomics (correct)
What is the primary assumption made by economists regarding people's behavior?
What is the primary assumption made by economists regarding people's behavior?
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What do economists consider when approaching problems?
What do economists consider when approaching problems?
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What does the production possibilities frontier (PPF) model analyze?
What does the production possibilities frontier (PPF) model analyze?
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What is the natural outcome of people acting in their own self-interest to improve their lives, according to economists?
What is the natural outcome of people acting in their own self-interest to improve their lives, according to economists?
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What does the term 'invisible hand' refer to in economics?
What does the term 'invisible hand' refer to in economics?
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What is modeled using the production possibilities frontier (PPF)?
What is modeled using the production possibilities frontier (PPF)?
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What concept explains how people and nations benefit from specializing in certain goods and services?
What concept explains how people and nations benefit from specializing in certain goods and services?
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