Economics Fundamentals Quiz
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Questions and Answers

Which branch of economics is concerned with decision-making by individual economic agents such as firms and consumers?

  • Allocation
  • Macroeconomics
  • Scare Resources
  • Microeconomics (correct)

What does the term 'allocation' refer to?

  • The limited supply of productive inputs or factors of production used to produce goods and services
  • The process of distributing or assigning limited resources among various competing uses, needs, or wants (correct)
  • The study of the aggregate performance of the entire economic system
  • The seemingly infinite number of desires, needs, and preferences for goods and services

What are 'scarce resources' in economics?

  • The process of distributing or assigning limited resources among various competing uses, needs, or wants
  • The seemingly infinite number of desires, needs, and preferences for goods and services
  • The study of the aggregate performance of the entire economic system
  • The limited supply of productive inputs or factors of production used to produce goods and services (correct)

What do 'unlimited human wants' refer to in economics?

<p>The seemingly infinite number of desires, needs, and preferences for goods and services (A)</p> Signup and view all the answers

What do 'needs' and 'wants' differentiate in economics?

<p>The seemingly infinite number of desires, needs, and preferences for goods and services (C)</p> Signup and view all the answers

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