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Questions and Answers
What is economics?
What is economics?
- The study of allocation of scarce resources (correct)
- The science of home management
- The study of how individuals satisfy unlimited wants with limited resources
- The social science concerned with satisfying human wants
What is the Circular Flow of income?
What is the Circular Flow of income?
- The circular movement of resources and production in an economy
- The flow of income between households and firms (correct)
- The circular movement of goods and services in an economy
- The flow of money in and out of an economy
What does the Production Possibilities Curve (PPC) illustrate?
What does the Production Possibilities Curve (PPC) illustrate?
- The allocation of resources in an economy
- The maximum production attainable with current resources and technology
- The trade-offs between two goods that an economy can produce (correct)
- The level of production at full employment
Why study economics?
Why study economics?
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What is scarcity in economics?
What is scarcity in economics?
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