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Fundamentals of Economy Quiz

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Questions and Answers

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?

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 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?

Individuals, businesses, organizations, and governments Signup and view all the answers

Which of the following best describes an economic theory?

A set of ideas and principles that outline how different economies function Signup and view all the answers

What is the role of an economy in society?

To produce and distribute goods and services Signup and view all the answers

What is one purpose of economic theories?

To describe particular economic phenomena Signup and view all the answers

What do economists do with theories?

Apply them to the issues or occurrences they observe to gain insight Signup and view all the answers

Which of the following is NOT a role of economists?

Predicting financial market developments Signup and view all the answers

What is the main focus of economic theories?

How different economies function Signup and view all the answers