Economics Quiz

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Questions and Answers

Which term describes the state of a country or region in terms of the production and consumption of goods and services and the supply of money?

Market system
Microeconomics
Lionel Robbins
Economics (correct)

According to Lionel Robbins, what is Economics?

The study of scarce resources
The study of how people make decisions
The study of human behavior (correct)
The study of alternative uses

What is the main focus of Economics?

How people make decisions
The market system
The production and consumption of goods and services (correct)
The allocation of scarce resources

What does microeconomics study?

The behavior of individuals and firms (B) Signup and view all the answers

What is the definition of Economics?

Economics is the study of human behavior as a relationship between ends and scarce means which have alternative uses. Signup and view all the answers

What does microeconomics study?

Microeconomics studies the behavior of individuals and firms in making decisions about the allocation of scarce resources and the interactions among these individuals and firms. Signup and view all the answers

What is the focus of Economics?

The focus of Economics is to study how people make decisions about what to produce, what to buy, and how the market system works. Signup and view all the answers

How did Lionel Robbins describe Economics?

Lionel Robbins described Economics as a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Signup and view all the answers

Match the following terms with their definitions related to Economics:

Economics = A science which studies human behavior as a relationship between ends and scarce means which have alternative uses Economy = The state of a country or region in terms of the production and consumption of goods and services and the supply of money Microeconomics = Studies the behavior of individuals and firms in making decisions about the allocation of scarce resources and the interactions among these individuals and firms Decision making = How people choose what to produce, what to buy and how the market system works Signup and view all the answers