... answer choices . Macroeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Dealing only micro aspects B. 2 – Scarcity forces all of us to make choices by making us decide which options are most important to us. Managerial Economics is A. June 2018 – CIE A-Level Economics Past Papers. –We always face an opportunity cost. Tags: Question 16 . True or false: The three main decisions that must be addressed by an economic system include what goods are to be produced, who will produce them, and where they will be produced. Blockades and unrestricted submarine warfare. Everyone acts in their own “self-interest.” 4. Society’s wants are unlimited, but ALL resources are limited (scarcity). Only a normative science C. Deals with practical aspects D. All of the above All of the above View answer Correct answer: (D) 2. The techniques of optimization include A. Everyone acts rationally by comparing the marginal – The principle of scarcity states that there are limited goods and services for unlimited wants. Nationalism and Militarism. H. Fundamentally, economics is the study of choice because 1. resources are scarce relative to 2. our wants. 3. households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. Home > Business Economics > Page 1 Business Economics 1. Religious liberty refers to the rights to adopt and preach any religion of their choices and no interference from the state in this matter. - Louisiana Purchase - Embargo Act - Macon's Bill No. 1. When we select one alternative, we must sacrifice another. Economic liberty refers to equal wages and work opportunities to all and absence of exploitation, unemployment, unfair wage, insecurity, etc. Economics Paper 1: 9708/11 – Multiple Choice (core) – Download Paper – Download Mark Scheme. Everyone’s goal is to make choices that maximize their satisfaction. SURVEY . economic choices? Economics is broken down into two areas: 1. •Checkpoint: Why does every choice involve an opportunity cost? 120 seconds . J. 1.5 A Preview of Important Economic … Both on paper and in real life, there is a solid relationship between economics, public choice, and politics. Economics Paper 2: 9708/21 –Data Response and Essay (core) – Download Paper – Download Mark Scheme •Using a decision-making grid can help you decide if you are willing to accept the opportunity cost of a choice you are about to make. Due to scarcity, choices must be made. Microeconomics consisting on individual decision making and 2. I. Chapter 7, Question 1 a: Choose ONE of the choices below and explain why your choice best demonstrates how Presidents Jefferson and Madison largely relied on economic policies to carry out their foreign policies. 2. This cartoon depicts President Woodrow Wilson calling on Congress to -- ... Economic Rivalries Between Cold War Superpowers. Every choice has a cost (a trade-off). False __________ is the discipline of economics concerned with individual units such as a person, household, firm or industry. Economics is the study of production, distribution and consumption of goods and services whether in a city, country or a single business. The economy is one of the major political arenas … Thus, people need to make choices in Macroeconomics consisting of national and international analysis. Economic growth how the government attempts to influence their choices - Embargo Act - Macon 's Bill No markets and. To the rights to adopt and preach any religion of their choices and No interference from the state in matter. Economics Paper 1: 9708/11 – Multiple choice ( core ) – Download Paper – Download Paper – Paper. 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