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Questions and Answers
Which of the following best describes the economic problem?
Which of the following best describes the economic problem?
- The economic problem refers to the fundamental issue of scarcity and unlimited wants. (correct)
- The economic problem is the production, distribution, and consumption of goods and services in an economy.
- The economic problem arises from the fact that resources are unlimited, while human wants and needs are limited.
- The economic problem is the result of individuals, businesses, and societies making choices about how to allocate scarce resources.
What does economic activity refer to?
What does economic activity refer to?
- Economic activity refers to the production, distribution, and consumption of goods and services in an economy. (correct)
- Economic activity refers to individuals, businesses, and societies making choices about how to allocate scarce resources.
- Economic activity refers to the fundamental issue of scarcity and unlimited wants.
- Economic activity refers to the fact that resources are limited, while human wants and needs are infinite.
What is the main idea behind Maslow's hierarchy of needs?
What is the main idea behind Maslow's hierarchy of needs?
- Maslow's hierarchy of needs suggests that individuals have unlimited wants and needs.
- Maslow's hierarchy of needs suggests that individuals have a set of hierarchical needs, ranging from basic physiological needs to self-actualization. (correct)
- Maslow's hierarchy of needs suggests that individuals must satisfy their lower-level needs before they can move on to higher-level needs.
- Maslow's hierarchy of needs suggests that individuals must satisfy their higher-level needs before they can move on to lower-level needs.
What is the relationship between the economic problem and economic activity?
What is the relationship between the economic problem and economic activity?
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What is the contrast that gives rise to the concept of economic activity?
What is the contrast that gives rise to the concept of economic activity?
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What is the economic problem?
What is the economic problem?
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What does economic activity refer to?
What does economic activity refer to?
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What is the main idea behind Maslow's hierarchy of needs?
What is the main idea behind Maslow's hierarchy of needs?
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What arises from the fact that resources are limited while human wants and needs are infinite?
What arises from the fact that resources are limited while human wants and needs are infinite?
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What must individuals, businesses, and societies do due to the economic problem?
What must individuals, businesses, and societies do due to the economic problem?
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