Which of the following is a reason to study economics?

• A. To memorize historical dates
• B. To understand how scarce resources are allocated
• C. To learn how to perform chemical experiments
• D. To study the structure of living organisms

Answer: (B)

Verified step by step guidance

1. Identify the core focus of economics, which is the study of how individuals and societies make choices when faced with limited resources.
2. Understand that economics deals with scarcity, meaning resources are limited while human wants are unlimited.
3. Recognize that the main goal of economics is to analyze how scarce resources are allocated efficiently to satisfy various needs and wants.
4. Eliminate options unrelated to economics, such as memorizing historical dates, performing chemical experiments, or studying living organisms, as these belong to other fields.
5. Conclude that the correct reason to study economics is to understand how scarce resources are allocated.