Managerial Economics

Test your knowledge of key terms in economics with this quiz on Chapter 1 of Managerial Economics. Explore concepts such as scarcity, economic goods, and wants. Challenge yourself and enhance your understanding of fundamental economic principles.

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Questions and Answers

Which term refers to the imbalance between desires and means of satisfying those desires?

Scarcity

What is the definition of an economic good?

Anything that yields utility and can be bought or sold in the market

Who is considered the Father of Economics?

Adam Smith

What are economic activities?

<p>Any activity involved in efforts aimed at earning money and spending it to satisfy wants</p> Signup and view all the answers

What is the definition of opportunity cost?

<p>The cost of choosing to use resources for one purpose</p> Signup and view all the answers

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Questions and Answers

Which term refers to the imbalance between desires and means of satisfying those desires?

What is the definition of an economic good?

Who is considered the Father of Economics?

What are economic activities?

What is the definition of opportunity cost?

Studying That Suits You

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