8 Questions
What are scarce resources in economics?
Limited economic factors
Which of the following best describes the objective of economics?
To study the efficient allocation of scarce resources
What does efficient allocation of scarce resources mean in economics?
Allocating resources in a way that maximizes fulfillment of human needs
What does economics study about human needs?
Human needs are unlimited
True or false: Economics is a branch of natural science.
False
True or false: Scarce resources are unlimited in economics.
False
True or false: The objective of economics is to satisfy unlimited human needs.
True
True or false: Efficient allocation of scarce resources in economics means allocating them in a way that maximizes human needs fulfillment.
True
Test your knowledge of economics and the efficient allocation of scarce resources with this quiz! Explore key concepts such as resource scarcity, factors of production, and the pursuit of maximum human fulfillment. Challenge yourself and see how well you understand the fundamentals of economics.
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