Economics Principles Quiz
5 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is the most accurate definition of economics based on the text?

  • Economics: is the science of home management.
  • Economics: is the study of how to efficiently allocate unlimited resources to satisfy unlimited wants.
  • Economics: is the social science, that concerned with studying how the individual or society satisfy multiple (many) human wants by using the scarcity resources. (correct)
  • Economics: is the science that concerns with the ways of allocation scarce.
  • What is the focus of Chapter Four in the text?

  • Demand and Supply
  • Basic in Economics
  • Elasticity and Product Markets
  • Business fluctuations and the theory of aggregate demand (correct)
  • What is the Circular Flow of income related to?

  • Why study economics
  • Scarcity and efficiency
  • Economic Resources (correct)
  • Production Possibilities Curve (PPC)
  • What does the Production Possibilities Curve (PPC) illustrate according to the text?

    <p>The maximum combinations of goods and services that can be produced with existing resources</p> Signup and view all the answers

    What is the main focus of Lesson One according to the text?

    <p>Definition of Economics</p> Signup and view all the answers

    More Like This

    Basic Economics: Demand and Supply
    5 questions
    Economics: Demand and Supply
    10 questions
    Economics: Demand and Supply
    30 questions
    Use Quizgecko on...
    Browser
    Browser