Question 1
Which of the following statements is
not correct?
◦ Economics is a behavioral science.
◦ In large measure, economics is the study of how people make choices.
◦ If poverty were eliminated, there would be no reason to study economics.
◦ Economic analysis can be used to explain how both individuals and societies make decisions.
Question 2
The study of economics
◦ is a very narrow endeavor.
◦ is a way of analyzing decision-making processes caused by scarcity.
◦ is concerned with proving that capitalism is better than socialism.
◦ focuses on how a business should function.