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Questions and Answers
What is the scope of economics?
What is the scope of economics?
- Studying the impact of technology on resource allocation
- Studying how individuals and societies allocate resources to satisfy their wants (correct)
- Studying the history of economic thought
- Studying the chemical composition of resources
What is the primary concern of economics?
What is the primary concern of economics?
- Environmental conservation
- Maximizing profits for businesses
- Resource allocation to fulfill unlimited human wants (correct)
- Social justice and equality
What does the scope of economics encompass?
What does the scope of economics encompass?
- Medicine and healthcare
- Astronomy and geology
- Political science and sociology
- Microeconomics and macroeconomics (correct)
