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Questions and Answers
Which of the following best describes the meaning of Economics?
Which of the following best describes the meaning of Economics?
- The study of how consumers increase their satisfaction
- The study of human behavior related to allocation of scarce resources to fulfill unlimited wants (correct)
- The study of how human acts to fulfill its unlimited wants by maximizing the level of satisfaction
- The study of how producers increase their profits
What is scarcity?
What is scarcity?
- The situation where we have more of what we want
- The situation where wants are unlimited
- The situation where resources are unlimited
- The situation where we have less of what we want (correct)
What is the main goal of a consumer in Economics?
What is the main goal of a consumer in Economics?
- To increase its satisfaction (correct)
- To increase its profits
- To maximize the allocation of resources
- To increase social welfare
What is the main goal of a producer in Economics?
What is the main goal of a producer in Economics?
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What is the main goal of society in Economics?
What is the main goal of society in Economics?
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