Economics Fundamentals

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Questions and Answers

What is economics?

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

What is the problem of scarcity in economics?

The problem of scarcity arises because we have unlimited wants but limited resources.

What are the two branches of economics?

The two branches of economics are microeconomics and macroeconomics.

What is the equation of a linear relationship between x and y variables?

The equation of a linear relationship between x and y variables is y = a + bx, where a is the y-intercept and b is the slope of the line. Signup and view all the answers

What does a positive slope indicate in a linear relationship?

A positive slope indicates that both x and y variables increase or decrease at the same time, resulting in an upward-sloping line. Signup and view all the answers

What does a negative slope indicate in a linear relationship?

A negative slope indicates that the value of one variable increases while the other decreases, resulting in a downward-sloping line. Signup and view all the answers

What will happen if a student is caught cheating during the exam?

The student will receive an 'F' grade with no exception. Signup and view all the answers

What items are students allowed to carry during the exam?

Students are allowed to carry pen, pencil, eraser, sharpener, ruler, highlighter, and calculator in a clear plastic bag. Signup and view all the answers

What actions will be considered as cheating during the exam?

Writing on hand palms or any other body part and carrying paper materials with written content will be considered as cheating. Signup and view all the answers