4 Questions
What is the study of scarcity and choice?
Microeconomics
Which type of economics focuses on the economy as a whole?
Macroeconomics
What is the primary concern of resource allocation in economics?
Efficient use of scarce resources
In economics, what is the idea that there is no such thing as a free lunch known as?
Opportunity cost
Test your knowledge of economics principles with this quiz. Answer questions about scarcity, types of economics, resource allocation, and the concept of 'no free lunch' in economics.
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