Principles of Economics Quiz: Introduction and Scope
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Questions and Answers

What is the key word in the definition of economics?

  • Resources
  • Societies
  • Choose (correct)
  • Individuals

Which chapter of the book discusses the reasons to study economics?

  • Chapter 3
  • Chapter 4
  • Chapter 2
  • Chapter 1 (correct)

Which branch of economics focuses on the behavior of individual households and firms?

  • Economic Skills
  • Diverse fields of economics
  • Microeconomics (correct)
  • Macroeconomics

What is the study of how individuals and societies choose to use scarce resources called?

<p>Economics (C)</p> Signup and view all the answers

Which part of economics focuses on the economy as a whole?

<p>Macroeconomics (C)</p> Signup and view all the answers

In the context of economics, which term refers to the study of how individual households and firms make decisions and how they interact in specific markets?

<p>Microeconomics (C)</p> Signup and view all the answers

What is the term for the study of economy-wide phenomena, including inflation, unemployment, and economic growth?

<p>Macroeconomics (B)</p> Signup and view all the answers

Which field of economics investigates the application of economic principles to decision-making in business firms?

<p>Managerial economics (B)</p> Signup and view all the answers

What is the study of the overall aspects and workings of an economy, such as income, output, and unemployment, known as?

<p>Macroeconomics (D)</p> Signup and view all the answers

Which term refers to the study of the allocation of scarce resources to achieve the desired ends?

<p>Opportunity economics (A)</p> Signup and view all the answers

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