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Questions and Answers
What is the fundamental problem that forces choices and trade-offs in Economics?
What is the fundamental problem that forces choices and trade-offs in Economics?
- Abundance
- Scarcity (correct)
- Surplus
- Equilibrium
Which principle guides economic decision-making by stating that all choices involve costs?
Which principle guides economic decision-making by stating that all choices involve costs?
- Voluntary exchange can make everyone better off
- Rational decisions are made at the margin
- People face trade-offs (correct)
- People choose
What is the study of how people allocate their limited resources to satisfy their unlimited wants?
What is the study of how people allocate their limited resources to satisfy their unlimited wants?
- Anthropology
- Economics (correct)
- Sociology
- Psychology
Which type of economics focuses on individual economic units, such as households and firms?
Which type of economics focuses on individual economic units, such as households and firms?
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What are the resources used in the production process called?
What are the resources used in the production process called?
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Scarcity means unlimited resources in the face of limited wants.
Scarcity means unlimited resources in the face of limited wants.
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Macroeconomics focuses on individual economic units.
Macroeconomics focuses on individual economic units.
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People do not face trade-offs when making economic decisions.
People do not face trade-offs when making economic decisions.
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Voluntary exchange cannot make everyone better off.
Voluntary exchange cannot make everyone better off.
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Microeconomics studies the economy as a whole.
Microeconomics studies the economy as a whole.
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