MCQ1-22. Economics is best defined as the study of

Question

BlackTom AI · Accepted Answer

Economics is commonly defined as the study of how societies allocate scarce resources to satisfy unlimited wants, which reflects the core idea of resource management and allocation. 
Option a: 'How central bank predicts inflation, unemployment, and economic growth' focuses narrowly on monetary policy forecasting and macroeconomic indicators, not the full scope of economics as a discipline. While such predictions are part of macroeconomics, the definition is too limited to capture economics as a whole. 
Option b: 'How society efficiently manages its scarce resource' directly aligns with the fundamental definition of economics, emphasizing allocation and efficiency in the presence of scarcity across the economy. This is the most accurate description among the choices. 
Option c: 'How business firm operates to achieve the highest profit' centers on firm behavior and profit maximization, which is a component of economics (microeconomics) but does not represent the overall study of economics, which includes markets, institutions, and resource allocation at societal level. This makes the statement incomplete as a definition. 
Option d: 'How government regulates economic markets to ensure fair competition' highlights regulatory aspects and policy, which are important but do not by themselves define economics. It is only one part of the broader economic study, not the complete definition. 
Overall, the strongest and most comprehensive match is option b, since it encapsulates the central concern of economics—efficiently managing scarce resources at a societal level across various contexts.

ECX2630 - ECX5630 - S2 2025 Quiz #1 - Preliminary Topic, Topics 1 and 2 (Not Assessed)

MCQ1-22. Economics is best defined as the study of

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