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Questions and Answers
What is the definition of scarcity in economics?
What is the definition of scarcity in economics?
- Equal distribution of resources among individuals
- Inability to satisfy all wants due to limited resources (correct)
- Excessive production of goods and services
- Unlimited resources to fulfill all wants
What does an incentive represent in economics?
What does an incentive represent in economics?
- A tax imposed on goods and services
- An increase in demand for a product
- A reward that encourages an action or a penalty that discourages an action (correct)
- A subsidy provided by the government
What is the main focus of microeconomics?
What is the main focus of microeconomics?
- Examination of global trade patterns
- Study of choices made by individuals and businesses (correct)
- Investigation of government policies
- Analysis of national economic performance
Which area of economics is concerned with the performance of the national economy?
Which area of economics is concerned with the performance of the national economy?
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What are the two main parts into which economics is divided?
What are the two main parts into which economics is divided?
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What is the definition of scarcity in economics?
What is the definition of scarcity in economics?
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What is the main focus of microeconomics?
What is the main focus of microeconomics?
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What does an incentive represent in economics?
What does an incentive represent in economics?
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Which area of economics is concerned with the performance of the national economy?
Which area of economics is concerned with the performance of the national economy?
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What is the social science that studies the choices made by individuals, businesses, and societies in dealing with scarcity?
What is the social science that studies the choices made by individuals, businesses, and societies in dealing with scarcity?
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