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?

    <p>The behavior of individuals and firms</p> Signup and view all the answers

    What is the definition of Economics?

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

    What does microeconomics study?

    <p>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.</p> Signup and view all the answers

    What is the focus of Economics?

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

    How did Lionel Robbins describe Economics?

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

    Match the following terms with their definitions related to Economics:

    <p>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</p> Signup and view all the answers

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