Foundations of Economics
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Questions and Answers

Which one of the following best describes the fundamental problem that provides a foundation for economics?

  • Unlimited economic wants
  • Society's economic wants
  • Limited economic resources (correct)
  • Economic resources

What is the main focus of economics?

  • Determining the opportunity cost of an item
  • Studying how a society manages its scarce resources (correct)
  • Producing goods and services efficiently
  • Achieving maximum satisfaction of economic wants

What does scarcity mean in economics?

  • There is an equal distribution of resources among individuals
  • There is no opportunity cost associated with obtaining an item
  • There is not enough resources to produce all goods and services (correct)
  • There is an abundance of resources to produce all goods and services

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