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Introduction to Economics: Chapter 1 Quiz

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Introduction to Economics: Chapter 1 Quiz

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Questions and Answers

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?

Naturally decreasing resources

Overpopulation

Scarcity (correct)

Unjust Distribution

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'?

Normative Economics Signup and view all the answers

According to Bautista (2010), what is economics primarily focused on?

Achieving maximum satisfaction of human wants with scarce resources Signup and view all the answers

What is the role of an entrepreneur in the economy?

Planning and managing economic resources Signup and view all the answers

In which economic system are resources privately owned?

Capitalism Signup and view all the answers

What branch of economics studies the behavior of the whole economy?

Macroeconomics Signup and view all the answers

Which basic economic problem deals with 'how to produce'?

For whom to Produce Signup and view all the answers

What is the main characteristic of a traditional economy?

It is a subsistence economy Signup and view all the answers