Question 1
What is Positive Economics concerned with?
Question 2
Which branch of economics focuses on the economic behavior of particular markets like the market for computers?
Question 3
What is evaluated to determine if resources are being fully utilized in an economy?
Question 4
Which economic system involves private firms accounting for all production and is known as a free market economy?
Question 5
What does the concept of 'Opportunity Cost' represent?
Question 6
What do Gross National Product (GNP) and Gross Domestic Product (GDP) measure in macroeconomics?
Question 7
What does the term 'Ceteris Paribus' mean in economic analysis?
Question 8
What issue do societies address when considering how choices in consumption, production, and distribution impact future events?
Question 9
Which of the following is not considered a basic economic production resource?
Question 10
What kind of economics is involved in developing practical solutions to real-life problems?
Question 11
Why is scarcity a fundamental concept in economics?
Question 12
What is the origin of the word "economics" and what does it mean?
Question 13
What term describes the economic activity that involves risk-taking to develop new products or ideas into successful businesses?
Question 14
In economics, what is meant by 'No Free Lunch'?
Question 15
Which question involves determining individuals or sectors that demand produced goods in an economy?