5 Questions
What is economics?
The study of allocation of scarce resources
What is the Circular Flow of income?
The flow of income between households and firms
What does the Production Possibilities Curve (PPC) illustrate?
The trade-offs between two goods that an economy can produce
Why study economics?
To comprehend the impact of government policies on the economy
What is scarcity in economics?
The imbalance between unlimited wants and limited resources
Test your knowledge of basic economics principles with this quiz covering topics such as demand and supply, elasticity, utility theory, and aggregate demand. See how well you understand the concepts of economics as you work through the questions in this quiz.
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