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Questions and Answers
What is the basic economic problem?
What is the basic economic problem?
- Scarcity of resources relative to human wants (correct)
- Overabundance of resources leading to waste
- Equal distribution of resources among all individuals
- Excessive wealth among the population
What is the opportunity cost of a decision?
What is the opportunity cost of a decision?
- The future benefits of the chosen alternative
- The value of the next best alternative foregone (correct)
- The total cost incurred in making a decision
- The initial investment required for the decision
What is the role of an entrepreneur in the economy?
What is the role of an entrepreneur in the economy?
- Providing financial assistance to consumers
- Ensuring equal distribution of wealth
- Organizing and managing the factors of production (correct)
- Regulating the flow of money in the market
