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Economics Principles Quiz

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Questions and Answers

What is the core concept that serves as the basic building block of Economics?

Scarcity (correct)

Unlimited demand

Money

Stock market

What is the common misconception about economics, as mentioned in the text?

Economics is not affected by scarcity

Economics is solely about money and the stock market (correct)

Economics has no relation to money

Economics is only about societal demand

What does the text imply about the availability of resources in society?

Resources are unlimited

Resources are limited (correct)

Resources are not a concern in economics

Resources are irrelevant in economics

What is the relationship between resource availability and demand, according to the text?

<p>Limited resources and unlimited demand create scarcity (D)</p> Signup and view all the answers

What is the primary focus of economics, as per the text?

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

Economics Principles Quiz

Choose a study mode

Podcast

Questions and Answers

What is the core concept that serves as the basic building block of Economics?

What is the common misconception about economics, as mentioned in the text?

What does the text imply about the availability of resources in society?

What is the relationship between resource availability and demand, according to the text?

What is the primary focus of economics, as per the text?

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Economics Principles Quiz

Economics Principles Quiz

Economics Principles Quiz

Economics Principles Quiz

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