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Questions and Answers
What is the core concept that serves as the basic building block of Economics?
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?
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?
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?
What is the relationship between resource availability and demand, according to the text?
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What is the primary focus of economics, as per the text?
What is the primary focus of economics, as per the text?
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