Some examples from this set of practice questions
1.
What is economics?
Answer: A social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants
2.
Define scarcity.
Answer: The idea that humans have infinite wants but limited resources
3.
What is microeconomics?
Answer: The study of small economic units such as individuals, firms, and markets
4.
What is macroeconomics?
Answer: The study of the economy as a whole or economic aggregates
5.
Describe theoretical economics.
Answer: The use of the scientific method by economists to make generalizations and abstractions to develop theories
6.
Describe policy economics.
Answer: The application of theories developed by theoretical economics to fix problems or meet economic goals
7.
What kind of statement is based on facts, avoiding value judgements (what is)?
Answer: A positive statement.
8.
What kind of statement includes value judgements (what should be)?
Answer: A normative statement.
9.
What are the five key economic assumptions?
Answer: Scarcity, trade-off, self-interest, marginal costs and benefits, economic models and graphs.
10.
What does \"utility\" mean in terms of economics?
Answer: Satisfaction
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