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Economics Fundamentals Quiz
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Economics Fundamentals Quiz

Created by
@MarvellousSerpentine

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?

    <p>Biology</p> Signup and view all the answers

    What does economics study in relation to human behavior?

    <p>How individuals make choices</p> Signup and view all the answers

    Which of the following best describes economics as a study?

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

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

    <p>His income and purchasing power</p> Signup and view all the answers

    In what context does man have to practice economics?

    <p>When he wants to satisfy his unlimited wants</p> Signup and view all the answers

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