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Question
Economics is the study of ______.
Options
How society manages its unlimited resources
How to reduce our wants until we are satisfied
How society manages its scarce resources
How to fully satisfy our limited wants
MCQ
Fill in the Blanks
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Solution
Economics is the study of how society manages its scarce resources.
Explanation:
Economics studies how society manages its scarce resources, which have alternative uses, to produce and distribute goods and services.
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Chapter 1: Introduction - OBJECTIVE QUESTIONS [Page 1.35]
