Questions: Question 1 (Mandatory) (5 points) All economic questions are about A) What to produce. B) How to cope with scarcity. C) How to satisfy all our wants. D) How to make money.

Question 1 (Mandatory) (5 points) All economic questions are about A) What to produce. B) How to cope with scarcity. C) How to satisfy all our wants. D) How to make money.
Transcript text: Question 1 (Mandatory) (5 points) All economic questions are about A) What to produce. B) How to cope with scarcity. C) How to satisfy all our wants. D) How to make money.
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Solution

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Answer

The answer is B) How to cope with scarcity.

Explanation
Option A: What to produce.

While deciding what to produce is a fundamental economic question, it is not the overarching question that encompasses all economic issues. It is one of the three basic economic questions, which also include how to produce and for whom to produce.

Option B: How to cope with scarcity.

This is the correct answer. Economics fundamentally deals with the problem of scarcity, which arises because resources are limited while human wants are unlimited. The study of economics is essentially about how societies allocate their limited resources to satisfy as many wants as possible.

Option C: How to satisfy all our wants.

This option is misleading because it is impossible to satisfy all human wants due to the scarcity of resources. Economics focuses on how to best allocate resources to meet the most pressing needs and wants.

Option D: How to make money.

While making money is a part of economic activity, it is not the central question of economics. Economics is more broadly concerned with the allocation of scarce resources and the trade-offs involved in decision-making.

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