18 Questions
What is the main focus of microeconomy?
Analyzing the behavior of individuals and households
What does productive efficiency aim to achieve?
Producing at a minimum cost
Which of the following is an essential component of maximizing satisfaction in resource use?
Using existing resources wisely
What is allocative efficiency concerned with?
Producing what people want using limited resources
In the context of economics, what does full employment refer to?
Utilizing all available resources, not just labor
What is equity in the economic context primarily concerned with?
Ensuring a fair distribution of income and resources
What is the main reason for scarcity according to the text?
Unlimited human wants
Which one of the following best describes goods?
Tangible items that satisfy our wants
How can scarcity be reduced according to the text?
Through making the right choices
What is the role of governments concerning scarcity?
To make choices that reduce scarcity
What defines economic growth based on the information provided?
An increase in the ability to produce goods and services
What distinguishes services from goods?
Goods are tangible while services are intangible
What does the macroeconomy branch of economy focus on?
Aggregate changes in the economy such as unemployment and growth rate
What is an opportunity cost?
The benefits an individual, investor or business misses out on when choosing one alternative over another
What type of incentive is influenced by prices?
Economic incentive
What do government and corporations use to help formulate economic policies and strategies?
Macroeconomic models
What do people respond to when making decisions?
Incentives
What is the study of how goods are valued differently and how individuals make financial decisions?
Microeconomy
This quiz covers the concept of resources scarcity in the context of engineering economy and legislations, as taught by Dr. Ahmed Hamdy Ahmed Arafa at Menoufia University. It discusses how scarcity implies limited availability and high demand for certain goods.
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