Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources. (b) Limited wants and limited resources. (c) Unlimited wants and unlimited resources. (d) Unlimited wants and limited resources. Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa. (b) The price of maize in South Africa. (c) The unemployment rate in Zimbabwe. (d) The South African inflation rate. Q.1.3 What are the three major economic flows? (a) Income, spending and saving. (b) Spending, production and saving. (c) Income, saving and investment. (d) Income, spending and production
Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources. (b) Limited wants and limited resources. (c) Unlimited wants and unlimited resources. (d) Unlimited wants and limited resources. Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa. (b) The price of maize in South Africa. (c) The unemployment rate in Zimbabwe. (d) The South African inflation rate. Q.1.3 What are the three major economic flows? (a) Income, spending and saving. (b) Spending, production and saving. (c) Income, saving and investment. (d) Income, spending and production
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Q.1.1 What is the cause of scarcity in the economy?
(a) Limited wants and unlimited resources.
(b) Limited wants and limited resources.
(c) Unlimited wants and unlimited resources.
(d) Unlimited wants and limited resources.
Q.1.2 Which one of the following is a
(a) The rate of
(b) The
(c) The
(d) The South African inflation rate.
Q.1.3 What are the three major economic flows?
(a) Income, spending and saving.
(b) Spending, production and saving.
(c) Income, saving and investment.
(d) Income, spending and production.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education