Which of the following is the best definition of economics?A.the study of how business firms decide what inputs to hire and what outputs to produceB.the study of how consumers spend their incomeC.the study of how the federal government allocates tax dollarsD.the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided

MCQ1-22. Economics is best defined as the study ofQuestion 1Answera.How government regulates economic markets to ensure fair competitionb.How business firm operates to achieve the highest profitc.How central bank predicts inflation, unemployment, and economic growthd.How society efficiently manages its scarce resource

Define economics. Explain different economics problems.

Economics that deals with output, employment, incomes, and other activities for the economy as a whole is:Question 12Select one:a.Macroeconomics.b.Agricultural Economics.c.Freakonomicsd.International economicse.Microeconomics.

Define business economics and explain its nature and scope of business economics.

Statements related to Economics:(a) Economics is a social science.(b) Concept of economics is derived from the Greek word ‘Oikonomia’.(c) Economics is related to the study of human economic behaviour.(d) Economics is related to the management of the household.Options:(1) a, b and c(2) a and b(3) b and c(4) a, b, c, and d