1S.2324.SOCSCI 4.001.INTRO TO ECON.PART 1

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What is the primary focus of economics?

• Studying human behavior
• Allocating scarce resources
• Understanding history
• Analyzing political systems

Which of the following best describes microeconomics?

• Study of the entire economy
• Analysis of individual consumer behavior
• Exploration of global economic trends
• Evaluation of government policies

What does the term "opportunity cost" refer to in economics?

• The actual cost of a good or service
• The cost of missed opportunities when a choice is made
• The price of luxury items
• The total expenditure in an economy

Which economic approach focuses on maximizing utility and individual preferences?

• Behavioral economics
• Keynesian economics
• Neoclassical economics
• Marxist economics

Which method is commonly used to measure a country's economic performance?

• Gross National Happiness (GNH)
• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Human Development Index (HDI)