SOCSCI 14.1S.2324.001.ECONOMICS.MEANING, NATURE AND IMPORTANCE

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What is the fundamental concern of economics?

• Allocation of scarce resources to satisfy unlimited wants
• Maximizing profits for businesses
• Achieving equality in income distribution
• Promoting government intervention in markets

Which of the following is a microeconomic concept?

• Supply and demand in a specific market
• National unemployment rate
• Gross Domestic Product (GDP)
• Inflation rate

In economics, what does the term "opportunity cost" refer to?

• The value of the next best alternative that is forgone when a choice is made
• The actual cost incurred in producing a good or service
• The total expenditure on a particular item
• The monetary value of resources used in production

What is the role of a central bank in an economy?

• Regulating the money supply and interest rates
• Controlling government spending on public goods
• Managing international trade agreements
• Directing the production of consumer goods

Which economic system is characterized by private ownership of resources and a market-driven allocation of goods and services?

• Capitalism
• Communism
• Socialism
• Feudalism