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Questions and Answers
What is economics primarily concerned with?
What is economics primarily concerned with?
- Artistic expression
- Historical events
- Religious practices
- Allocation of resources (correct)
Which factor does economics study in relation to decision making?
Which factor does economics study in relation to decision making?
- Randomness
- Scarcity (correct)
- Abundance
- Equality
What is the central concern of microeconomics?
What is the central concern of microeconomics?
- Historical economic events
- Global economic trends
- Individual economic units (correct)
- Social welfare programs
What are the factors of production that include human capital?
What are the factors of production that include human capital?
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Which of the following is a factor of production related to knowledge and skills of individuals?
Which of the following is a factor of production related to knowledge and skills of individuals?
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Which factor is often overlooked as a crucial element in the production process?
Which factor is often overlooked as a crucial element in the production process?
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