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1.2  Defining Economics   1) Economics best defined as the A) study of

Question : 1.2  Defining Economics   1) Economics best defined as the A) study of : 1912914

1.2  Defining Economics

 

1) Economics is best defined as the

A) study of how people make choices to satisfy their wants.

B) study of individual self-interests.

C) study of how government can most efficiently raise funds by taxation.

D) process by which goods are sold in free markets.

2) Economics can be described as the study of how people use ________ resources to satisfy ________ wants.

A) unlimited; unlimited

B) unlimited; limited

C) limited; unlimited

D) limited; limited

3) Which statement most accurately defines economics?

A) Economics is the study of how people make money.

B) Economics is the study of how people make choices to satisfy their wants.

C) Economics is the study of values a society should choose.

D) Economics is the study of how to eliminate scarcity.

4) In economic analysis, people's resources are

A) limited and their wants are unlimited.

B) unlimited and their wants are also unlimited.

C) limited and their wants are also limited.

D) unlimited and their wants are limited.

5) In economics, items that are used to produce goods and services are known as

A) wants.

B) aggregates.

C) factors of need.

D) resources.

6) In economics, all the items that people would consume if they had unlimited income are known as

A) wants.

B) aggregates.

C) outputs.

D) needs.

7) In economics, ________ are limited but ________ are unlimited.

A) wants; resources

B) resources; wants

C) money; ideas

D) ideas; money

8) Economics is the study of how

A) people make money.

B) preferences are determined.

C) psychology influences preferences..

D) people make choices.

9) A fundamental aspect of economics is to

A) ensure that every firm makes a profit.

B) analyze how choices are made.

C) satisfy all our wants.

D) make sure that our resources will always be unlimited.

10) Economics is the study of

A) how to get rich.

B) how people allocate their limited resources to satisfy their unlimited wants.

C) how people spend their income.

D) why people want certain goods and services rather than other goods and services.

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