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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define economics in your own words.
💡 Hint: Think about choices and resources.
Question 2
Easy
What is an economy?
💡 Hint: Consider who earns a living and how.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main focus of economics?
- Distribution of wealth
- Allocation of scarce resources
- Maximizing profits
💡 Hint: Think about how societies make choices.
Question 2
True or False: Scarcity means that there are unlimited resources available.
- True
- False
💡 Hint: Recall the definition of scarcity.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a scenario where you have $50 for the weekend. You can spend it on groceries, entertainment, or saving for a new phone. Create a decision matrix considering your wants and the opportunity costs involved.
💡 Hint: Use a table to compare the options.
Question 2
A country has a choice to allocate its resources between education and military funding. Discuss the opportunity costs involved in both options.
💡 Hint: Draw connections between education investment and long-term socio-economic benefits.
Challenge and get performance evaluation