Economy Overview Quiz
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Questions and Answers

What is an economy primarily concerned with?

  • Production, distribution, trade, and consumption of goods and services (correct)
  • Social organization and political structure
  • Cultural practices and discourses
  • Technological evolution and history

    • What are the main factors that give context to an economy?

  • Technological evolution and social organization
  • Political structure and legal systems
  • Culture, values, education, and natural resources (correct)
  • Monetary transactions and economic agents

    • Who can be considered as economic agents?

  • Individuals, businesses, organizations, or governments (correct)
  • Monetary institutions only
  • Educational institutions only
  • Technological companies only

    • What spurs economic activity?

    <p>Production using natural resources, labor, and capital</p> Signup and view all the answers

    What has changed economic activity over time?

    <p>Technology, innovation, and changes in industrial relations</p> Signup and view all the answers

    What is the primary focus of CBSE Class 11 Economics Part B Unit 1?

    <p>Introduction to Micro Economics</p> Signup and view all the answers

    Which term refers to the deficit of resources compared to demand in economics?

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

    How is the growth of resources in an economy represented in a Production Possibility Curve (PPC)?

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

    What is another name for opportunity cost in economics?

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

    In market research, how is the central economic problem solved?

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

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