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