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Questions and Answers
Which of the following is the most accurate definition of economics based on the text?
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?
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?
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?
What does the Production Possibilities Curve (PPC) illustrate according to the text?
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What is the main focus of Lesson One according to the text?
What is the main focus of Lesson One according to the text?
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