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 principle of scarcity states that there are limited goods and services for unlimited wants. Every choice has a cost (a trade-off). •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. Both on paper and in real life, there is a solid relationship between economics, public choice, and politics. The techniques of optimization include A. SURVEY . Macroeconomics consisting of national and international analysis. Managerial Economics is A. Economics is the study of production, distribution and consumption of goods and services whether in a city, country or a single business. 2 Economics Paper 1: 9708/11 – Multiple Choice (core) – Download Paper – Download Mark Scheme. Religious liberty refers to the rights to adopt and preach any religion of their choices and no interference from the state in this matter. Society’s wants are unlimited, but ALL resources are limited (scarcity). Nationalism and Militarism. Economics is broken down into two areas: 1. - Louisiana Purchase - Embargo Act - Macon's Bill No. 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. Economic liberty refers to equal wages and work opportunities to all and absence of exploitation, unemployment, unfair wage, insecurity, etc. I. Everyone’s goal is to make choices that maximize their satisfaction. Macroeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Blockades and unrestricted submarine warfare. 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. – Scarcity forces all of us to make choices by making us decide which options are most important to us. False __________ is the discipline of economics concerned with individual units such as a person, household, firm or industry. Everyone acts rationally by comparing the marginal Thus, people need to make choices in Everyone acts in their own “self-interest.” 4. June 2018 – CIE A-Level Economics Past Papers. 1.5 A Preview of Important Economic … ... answer choices . –We always face an opportunity cost. 120 seconds . The economy is one of the major political arenas … J. When we select one alternative, we must sacrifice another. Due to scarcity, choices must be made. 1. 3. Home > Business Economics > Page 1 Business Economics 1. 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