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
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller yourstudyangel. Stuvia facilitates payment to the seller.
No, you only buy this summary for R151,38. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
93547 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
