Microeconomics C718 Unit 2 - Chapter Quiz & Learning QUESTIONS AND VERIFIED CORRECT ANSWERS

Social Sciences Economics


Microeconomics C718 Unit 2 - Chapter Quiz & Learning
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What is economics? C
A. The study of money or finance.
B. The action or process of keeping financial accounts.
C. The study of how humans make choices under
conditions of scarcity.
D. The study of business interactions.


What is meant by scarcity in economics? B
A. A government imposes price restrictions.
B. The wants for goods, resources, and services exceeds
what is available.
C. A household lacks sufficient income to meet their basic
needs.
D. A firm lacks sufficient finances to meet their basic
needs.


Which part of the economy does the microeconomics A
perspective focus on?
A. Individuals
B. Growth
C. Inflation
D. Unemployment


Why do economists use models? C
A. To test economic laws
B. To test financial laws
C. To test economic theory
D. To improve accounting principles