Introductory Macroeconomics Quiz
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Introductory Macroeconomics Quiz

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Questions and Answers

What does economics study?

  • The unlimited needs and wants of people
  • The distribution of goods and services
  • The production of goods and services
  • The choices people make to satisfy their wants and needs with limited resources (correct)

    • What is a want in economics?

  • An action provided to people
  • A limited supply of resources
  • Something people desire or need to have (correct)
  • A physical product that can be held or touched

    • What is an example of a good?

  • Entertainment
  • Healthcare
  • Education
  • Books (correct)

    • What is the concept of economics related to?

    <p>Production, distribution, and consumption of goods and services</p> Signup and view all the answers

    How are wants fulfilled in economics?

    <p>By buying goods or services</p> Signup and view all the answers

    What does economics involve the study of?

    <p>Production, distribution, and consumption of goods and services</p> Signup and view all the answers

    Which of the following is an example of a service?

    <p>Haircut</p> Signup and view all the answers

    In economics, what is a 'good'?

    <p>A physical product that can be held and touched</p> Signup and view all the answers

    How are wants fulfilled in economics?

    <p>By buying goods or services</p> Signup and view all the answers

    What is the concept of 'want' in economics?

    <p>Something people desire or need to have</p> Signup and view all the answers

    What does economics study?

    <p>The choices people make to satisfy their wants and needs with limited resources</p> Signup and view all the answers

    What is a want?

    <p>Something people desire or need to have</p> Signup and view all the answers

    What is a good in economic terms?

    <p>A physical product we can hold and touch</p> Signup and view all the answers

    What does the concept of economics involve?

    <p>The study of production, distribution, and consumption of goods and services</p> Signup and view all the answers

    How do people fulfill their wants?

    <p>By buying goods or services</p> Signup and view all the answers

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