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Questions and Answers
Which of the following best defines an economy?
Which of the following best defines an economy?
- A set of processes that involve culture, values, and history
- A system of trade and consumption of goods and services (correct)
- A social domain that emphasizes the management of scarce resources
- A social domain of human practices and transactions
What are the main factors that set the conditions and parameters in which an economy functions?
What are the main factors that set the conditions and parameters in which an economy functions?
- Culture, values, and education
- Technological evolution, social organization, and political structure
- Legal systems and natural resources
- All of the above (correct)
When do economic transactions occur?
When do economic transactions occur?
- When two groups or parties agree to the location of a transacted good or service
- When two groups or parties agree to the quality of a transacted good or service
- When two groups or parties agree to the quantity of a transacted good or service
- When two groups or parties agree to the value or price of a transacted good or service (correct)
Who can be economic agents in an economy?
Who can be economic agents in an economy?
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Which of the following best describes an economic theory?
Which of the following best describes an economic theory?
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What is the role of an economy in society?
What is the role of an economy in society?
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What is one purpose of economic theories?
What is one purpose of economic theories?
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What do economists do with theories?
What do economists do with theories?
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Which of the following is NOT a role of economists?
Which of the following is NOT a role of economists?
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What is the main focus of economic theories?
What is the main focus of economic theories?
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