EASY
Earn 100

The root cause of all economic problems is scarcity.

50% studentsanswered this correctly

Important Questions on Introduction to Statistical Economics

HARD
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
According to _____ , Economics is the study of man in the ordinary business of life.
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
What are your reasons for studying Economics?
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
How will you choose the wants to be satisfied?
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
You have unlimited wants and limited resources to satisfy them. Explain this statement by giving two examples.
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Make a list of activities in a bus stand or a market place. How many of them are economic activities?
HARD
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Can you think of some other examples where a person with a given income has to choose which things and in what quantities he or she can buy at the prices that are being charged (called the current prices)? 
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Make a list of activities in a bus stand or a market place. How many of them are economic activities?
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
How will you choose the wants to be satisfied?
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
What are your reasons for studying Economics?
HARD
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
"You have unlimited wants and limited resources to satisfy them.” Explain this statement by giving two examples.
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Identify the wants. How many of them can be fulfilled? How many of them are unfulfilled? Why they can not be fulfilled? 
EASY
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
List different activities of the members of your family. Would you call them economic activities? Give reasons.
EASY
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Are we all a consumer? Why?
EASY
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
What are the different kinds of scarcity that are faced in daily life? Identify their causes.
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
What will happen if the current prices go up? 
EASY
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Saving is the part of income which is not consumed. 
MEDIUM
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
Economic activities are ones that are undertaken for monetary gain. This is what economists mean by an ordinary business of life.
HARD
Economics>Statistics in Economics>Introduction to Statistical Economics>Basic Concepts of Economics
 Scarcity is the root of all economic problems