What is economics? Economics is the study of money and financial systems. b. a. Economics is the study of business. Economics Is a behavioral sclence that studies how people make choices. Economics is a natural science that studies the resources that nature and previous generations have provided. C. d.
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Economics is a study of social science.
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- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasHis study of economics is concerned more with human behavior. a. Alfred Marshall b. Karl Marz c. Lionel Robbins d. Adam SmithWhich of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of statements d. Capability of measurement
- What does microeconomics deal with? How microeconomics principles affect the decision-making process the f business.When economists are trying to explain the world ,they are ut of Select one: uestion O a. All the answer are correct. O b. policy advisors O c. scientists d. auditors us pageIdentify the scarcity definition of economics from the following. a. the distribution of surplus goods to those in need. b. None of these c. ways to reduce wants to remove the problem of scarcity. d. the choices we make because of shortage of resources.
- 2. Which of the following is a normative statement? a. An increase in taxes raises the price of a product b. Vaccination is a method of fighting Covid -19 c. Government should Impose taxes on the cigarette. d. Studying more hours leads to an increase in your GPA.What is the market for bananas an example of? Select one: a. Micro economics b. Positivist Economics c. Normative Economics O d. Macro economicsa. People have limited incomes and unlimited wants and desires. How will you define economicsin this context? b. Your family friends decides a tour trip of three days to hilly areas. You have made your mindthat you will join the trip while in the meanwhile if you don’t go with them you could go to universityand attend classes and lot of other things. What is this concept called in economics? Explain.