Blockades and unrestricted submarine warfare. 2. 1.5 A Preview of Important Economic … H. Fundamentally, economics is the study of choice because 1. resources are scarce relative to 2. our wants. This cartoon depicts President Woodrow Wilson calling on Congress to -- ... Economic Rivalries Between Cold War Superpowers. Both on paper and in real life, there is a solid relationship between economics, public choice, and politics. –We always face an opportunity cost. Economic liberty refers to equal wages and work opportunities to all and absence of exploitation, unemployment, unfair wage, insecurity, etc. – Scarcity forces all of us to make choices by making us decide which options are most important to us. Economics is broken down into two areas: 1. False __________ is the discipline of economics concerned with individual units such as a person, household, firm or industry. economic choices? When we select one alternative, we must sacrifice another. Macroeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. The techniques of optimization include A. I. Every choice has a cost (a trade-off). Due to scarcity, choices must be made. - Louisiana Purchase - Embargo Act - Macon's Bill No. J. 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 … Macroeconomics consisting of national and international analysis. 2 Dealing only micro aspects B. Managerial Economics is A. SURVEY . Thus, people need to make choices in Only a normative science C. Deals with practical aspects D. All of the above All of the above View answer Correct answer: (D) 2. 1. Economics Paper 1: 9708/11 – Multiple Choice (core) – Download Paper – Download Mark Scheme. 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. Everyone’s goal is to make choices that maximize their satisfaction. Everyone acts in their own “self-interest.” 4. •Checkpoint: Why does every choice involve an opportunity cost? ... answer choices . June 2018 – CIE A-Level Economics Past Papers. •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. 3. Tags: Question 16 . Everyone acts rationally by comparing the marginal Religious liberty refers to the rights to adopt and preach any religion of their choices and no interference from the state in this matter. 120 seconds . Nationalism and Militarism. – The principle of scarcity states that there are limited goods and services for unlimited wants. Microeconomics consisting on individual decision making and 2. 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. Economics Paper 2: 9708/21 –Data Response and Essay (core) – Download Paper – Download Mark Scheme 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. Society’s wants are unlimited, but ALL resources are limited (scarcity).