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Questions and Answers
What is the true meaning and purpose of economics?
What is the true meaning and purpose of economics?
- Satisfying unlimited wants with limited resources (correct)
- Ignoring the concept of scarcity
- Encouraging overproduction of goods
- Managing abundant resources efficiently
Which term describes a commodity or service being short in supply relative to its demand?
Which term describes a commodity or service being short in supply relative to its demand?
- Naturally decreasing resources
- Overpopulation
- Scarcity (correct)
- Unjust Distribution
What is Ceteris Paribus in economics?
What is Ceteris Paribus in economics?
- Constantly fluctuating variables
- All other things held constant or equal (correct)
- All other things changing simultaneously
- Variables changing randomly
Which type of economic analysis considers economic conditions 'as they should be'?
Which type of economic analysis considers economic conditions 'as they should be'?
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According to Bautista (2010), what is economics primarily focused on?
According to Bautista (2010), what is economics primarily focused on?
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What is the role of an entrepreneur in the economy?
What is the role of an entrepreneur in the economy?
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In which economic system are resources privately owned?
In which economic system are resources privately owned?
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What branch of economics studies the behavior of the whole economy?
What branch of economics studies the behavior of the whole economy?
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Which basic economic problem deals with 'how to produce'?
Which basic economic problem deals with 'how to produce'?
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What is the main characteristic of a traditional economy?
What is the main characteristic of a traditional economy?
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