quiz : basic

Which of the following is a primary reason engineers should study economics?

• To understand how markets work
  
  

• To understand political structures

• To enhance the efficiency of project management and cost control

• To study human behavior in social setting

Why is economics important for engineers?

• It helps engineers understand the technical aspects of their projects.

• It helps engineers make informed decisions about resource allocation and cost management

• It focuses only on financial aspects, leaving out technical design.

• Economics is not relevant to engineering as it deals with only business and management.

Which method of economic study starts with specific observations and builds up to a general theory?

• Deductive Method

• Inductive Method

• Scientific Method

• Analytical Method

Which method of economic study begins with general principles and deduces specific conclusions?

• Deductive Method

• Inductive Method

• Historical Method

• Quantitative Method

What is the core concept of the central economic problem?

• How to produce more goods than needed.

• Deciding how to allocate resources to satisfy unlimited wants with limited resources.

• Deciding the interest rates in the economy.

• Deciding how to distribute wealth equally among all people.

Why is choice considered a fundamental concept in economics?

• It illustrates that every decision involves an opportunity cost.

• It shows that economies can operate without scarcity.

• It suggests that economic decisions are based on emotional responses.

• It means that all human desires are met equally.