Podcast
Questions and Answers
True or false: Economics is derived from the Greek words oikos and nomus, meaning household and system or management, respectively?
True or false: Economics is derived from the Greek words oikos and nomus, meaning household and system or management, respectively?
True
True or false: Microeconomics is the study of individual households and firms?
True or false: Microeconomics is the study of individual households and firms?
True
True or false: Land in economics refers only to the soil or ground surface?
True or false: Land in economics refers only to the soil or ground surface?
False
True or false: Labor in economics encompasses a wide range of skills, abilities, and characteristics?
True or false: Labor in economics encompasses a wide range of skills, abilities, and characteristics?
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True or false: Capital in economics refers to manmade goods used in the production of other goods and services?
True or false: Capital in economics refers to manmade goods used in the production of other goods and services?
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True or false: Economic activity that commands a price is referred to as profit or loss.
True or false: Economic activity that commands a price is referred to as profit or loss.
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True or false: The Circular Flow Model is a figure of a dynamic market economy that creates continuous and repetitive flows of goods and services, resources, and money.
True or false: The Circular Flow Model is a figure of a dynamic market economy that creates continuous and repetitive flows of goods and services, resources, and money.
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True or false: The Circular Flow Model is classified as part of labor.
True or false: The Circular Flow Model is classified as part of labor.
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True or false: The creation of goods and services should not be considered as part of labor.
True or false: The creation of goods and services should not be considered as part of labor.
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True or false: The Circular Flow Model shows how resources are utilized by the household and business sectors.
True or false: The Circular Flow Model shows how resources are utilized by the household and business sectors.
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