651. Economic resources are:
A) Unlimited
B) Limited in supply and use
C) Limited in supply but have alternative uses;
D) Unproductive
652. Normative economic theory deals with:
A) What is or how the economic problem facing the society is solved;
B) How the problem should be solved
C) What to Produce ;
D) How to produce
653. Microeconomics theory deals with:
A) Economic behavior of individual economic decision-making units;
B) Economy as a whole
C) Economy as a whole
D) Economic growth of the society
654. PE occurs on the higher IC in case of:
A) Engel curves
B) Hickson analysis
C) Slutkesy approach
D) None of the above
655. Which kind of economics deals with issues such as unemployment, inflation, and economic growth?
A. Macro economics
B. Micro economics
C. Growth economics
D. Political economics
656. Is economics the same as business?
A. Yes, because it examines money and its acquisition.
B. No, because it studies more kinds of decisions than those made by business
C. Yes, because it studies how to use resources to make products, and that is what business does
D. No, Because business decisions are not related to decisions studied by economics
657. Which of the following might be a scarce good?
A. Love
B. Faith
C. Self-Control
D. All of the above
658. A scarce good:
A. Does not exist
B. Is something that can only be bought with money.
C. Is a decent that can never be bought with cash
D. Is a good that is available in limited quantities but is desired in greater quantities
659. In economics, when we say that people are rational, we mean that they:
A. Never make mistakes
B. Try to get what they desire as best they can, given the limitations they face
C. Logically figure out what to do
D. Behave in a random, unpredictable manner
660. What makes economics scientific?
A. It compares theories to observations and adjusts theories if necessary
B. It uses numbers to measure things
C. It Involves the use of experiments
D. It describes how things operate.
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