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Economics
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Economics is all about making choices. The reason we have to choose one thing over another is:
A. economic choices are unlimited.
B. economic wants are limited.
C. economic resources are scarce.
D. economic agents are scarce

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Divya Singh
Divya SinghLv10
26 Sep 2020

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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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Principles of Microeconomics
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Related questions

Read the following statements carefully and write true or false with a reason.

Ā 

a) Economic problems and scarcity of resources are not related to each other.

b) If there were no choices in resource allocation, microeconomics would not have existed.

c) All resources are not equally scarce all the time.Ā Ā 

d) Lack of scarcity implies lack of economic problem.

Ā 

1. Explain why economics is a study of choices. Why do we have to make choices?

2. What are the economic resources? Why are they scarce?

3. Outline the differences between macroeconomics and microeconomics.

4. What are the economic questions? How is each question answered?

5. Outline the interaction of supply, demand, and price.

6. What is the difference between a buyers and a sellers market? Provide examples of each in your answer.

7. What causes equilibrium? How does price react?

8. What is the marginal principle? How can you apply it as a consumer?

9. & 10. We all hear talk about the dependency of oil and how higher oil prices affect our economy. Why have we not made greater strides to energy efficiency? Make sure you have at least two references to back your opinion.

Economics is primarily the study of:

A. How agents choose to allocate scarce resources and how the choices affect society.

B. The mental functions and behavior of individuals and groups

C. The state, nation, government, and politics and policies of governments

D. The problems related to existence and evolution of society

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