Economics, as an area of study in ________, allows for a better understanding of the very real personal and institutional motivations that drive choices when resources are limited.ABusinessBMathematicsCPsychologyDPhilosophy

Why we study economics

Economics is the study of howGroup of answer choicessociety manages its scarce resources.society manages its unlimited resources.to avoid having to make trade-offs.to fully satisfy our unlimited wants.

21.Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather than spend $1 million to expand parking for students. This example illustrates (1 Point)distorted priorities.opportunity costs.increasing opportunity costs.productive efficiency.22.Economists contend that most economic decisions are (1 Point)random.irrational.spontaneous.purposeful.23.Economics is a social science that studies how individuals, institutions, and society may (1 Point)expand the amount of resources available to them.attain a minimum level of production.best use resources to maximize satisfaction of economic wants.reduce the amount of goods and services they need.24.The basic truth that underlies the study of economics is the fact that we all face (1 Point)death.taxes.risk.scarcity.25.A recurring theme in economics is that people (1 Point)have unlimited resources but limited economic wants.can increase resources by limiting their economic wants.have limited economic wants and limited resources.have unlimited economic wants but limited resources.26.As a consequence of the problem of scarcity, (1 Point)there is never enough of anything.individuals have to make choices from among alternatives.only some people can "have it all."things which are plentiful have relatively high prices.27.Which of the following is a distinguishing feature of a command system? (1 Point)private ownership of all capitalcentral planningheavy reliance on marketswidespread dispersion of economic power28.Which of the following is a feature of a command system? (1 Point)a legal envirnoment that protects private propertygovernment's role is very limitedgovernment owns most property resourcesconsumer sovereignty29.Which of the following is a distinguishing feature of laissez-faire capitalism? (1 Point)public ownership of all capitalcentral planningminimal government interventionan economy based on bartering30.Which of the following is a feature of laissez-faire capitalism? (1 Point)people are free to interact in markets to buy and sell goods and servicesgovernment enforces the economic planbusiness firms rely on the government for their resourcespublic ownership of all capital31.Examples of command economies are(1 Point)the United States and Japan.Sweden and Norway.Mexico and Brazil.Cuba and North Korea.

Define economics. Explain different economics problems.

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