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Questions and Answers
What is economics?
What is economics?
- The study of how to make a profit in business
- The study of how individuals spend money
- The study of how governments manage their budgets
- The study of how societies allocate limited resources to satisfy unlimited wants (correct)
What is the primary focus of economics?
What is the primary focus of economics?
- Consumer spending habits
- Government spending
- Scarcity and choice (correct)
- Maximizing profits
Which factor is not considered in the study of economics?
Which factor is not considered in the study of economics?
- Government regulations
- Consumer preferences
- Environmental sustainability
- Historical events (correct)
What is the primary function of a bank?
What is the primary function of a bank?
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In the context of economics, what does the term 'liquidity' refer to?
In the context of economics, what does the term 'liquidity' refer to?
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How does inflation impact the economy?
How does inflation impact the economy?
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