Practice Quiz

CLEP Microeconomics Exam Prep

Category - Microeconomics

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Economics is the study of how people:
  1. Allocate societal resources by purchasing goods and services
  2. Gain access to local and foreign markets
  3. Produce goods and services at the lowest production costs
  4. Make profits and reduce unemployment
Explanation
Answer - A - Economics is the study of how people allocate societal resources by purchasing goods and services.

Key Takeaway: Economics is the study of how a society produces, distributes, and consumes goods and services. Economic analysis is conducted throughout a number of disciplines, including politics, business, education, sociology, law, and health.
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