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ECS1501 Assignment 2 2024 due the 17 may
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Ecs1501 assignment 2 questions and answers1-18 Due 13 may
, Question 1
Economics is
A the study of how scarce resources are allocated in an attempt to satisfy unlimited wants.
B a subdiscipline of business management.
c the study of the ethics of making money.
D the study of direct and indirect relationships between inputs and outputs in various production
methods.
Answer A
Q 2What are the three central questions to which every society must provide answers?
What to produce? How to produce it? When to produce it?
What to produce? How much to produce? When to produce it?
Where to produce? How much to produce? When to produce it?
what to produce? How to produce it? For whom to produce it?
Answer what to produce how to produce for whom to produce It
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