Economics Principles Quiz

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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 (A)</p> Signup and view all the answers

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

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

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