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Econ Unit 1 L1 1. What Is Economics All About

Quiz by Robert Yount

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3 questions
Show answers
  • Q1
    Which of these statements is an example of normative economics?
    "Speculation caused a recession."
    "The bond market is in decline."
    "Inflation is higher this year."
    "Taxes ought to be lowered."
  • Q2
    How has economics traditionally been defined?
    The study of money and politics
    The study of how people make and use currency
    The study of how the concept of money has changed over time
    The study of how people choose to use their limited resources to satisfy their unlimited wants.
  • Q3
    What is a resource?
    A resource is a non-specific (can be anything) item used to survive
    A resource is a specific item used to survive
    A resource is something everyone wants
    A resource is anything used to produce an economic good or a service

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