The most fundamental concepts underlying the discipline of economics are:
a. scarcity and choice. b. supply and demand.
c. money, stocks, and bonds. d. inflation and unemployment.
QUESTION 2The subject of economics is primarily the study of:
a. the government decision-making process.
b. how to operate a business successfully.
c. decision-making because of the problem of scarcity.
d. how to make money in the stock market.
QUESTION 3The central question in economics is how to:
a. deal with the problem of scarcity.
b. change government economic policy.
c. change people's wants to match their needs.
d. manage money and become wealthy.
QUESTION 4Which one of the following is the most accurate definition of economics?
a. Economics is the study of stocks and bonds.
b. Economics is the study of how people allocate unlimited resources.
c. Economics is the study of how consumers choose to spend their income.
d. Economics is the study of how society chooses to allocate scarce resources.
QUESTION 5Economics is the study of how people:
a. vote for political leaders who decide what is to be produced.
b. make choices to produce and consume goods and services.
c. establish social institutions that maximize well-being.
d. develop value systems that affect their consumption choices.
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