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Economics Fundamentals Quiz

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Questions and Answers

What is the main focus of economics as an applied science?

The study of scarce resources

The study of human behavior

The study of economics in relation to real world situations (correct)

The study of society

Which of the following is NOT a characteristic of economics as a social science?

It involves the use of scarce resources

It studies human behavior

It studies how individuals make choices

It is a physical science (correct)

Why is man's ability to buy goods and services limited?

Due to the scarcity of resources

Due to his unlimited wants

Due to his income and purchasing power (correct)

Due to his behavior

Which of the following is NOT a social science?

Biology Signup and view all the answers

What does economics study in relation to human behavior?

How individuals make choices Signup and view all the answers

Which of the following best describes economics as a study?

The study of how people make choices to satisfy their unlimited wants with limited resources Signup and view all the answers

What limits man's ability to buy goods and services?

His income and purchasing power Signup and view all the answers

In what context does man have to practice economics?

When he wants to satisfy his unlimited wants Signup and view all the answers

Economics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

What is the main focus of economics as an applied science?

Which of the following is NOT a characteristic of economics as a social science?

Why is man's ability to buy goods and services limited?

Which of the following is NOT a social science?

What does economics study in relation to human behavior?

Which of the following best describes economics as a study?

What limits man's ability to buy goods and services?

In what context does man have to practice economics?

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