Economic Growth and Development Quiz
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Questions and Answers

What is the focus of economics in managing resources?

  • Ignoring the production of goods and services
  • Balancing the production of goods and services
  • Maximizing the production of goods and services (correct)
  • Minimizing the production of goods and services

    • What are the fundamental economic queries emphasized in basic economics?

  • When to produce, where to produce, why to produce
  • How to buy, what to buy, where to buy
  • What to produce, how to produce, for whom to produce (correct)
  • Who should produce, what to produce, how much to produce

    • What is emphasized in macroeconomics?

  • Microscopic economic factors
  • International trade only
  • Individual consumer behavior
  • Overall economy and large-scale factors (correct)

    • What concepts are used in addition to marginal propensities in economics?

    <p>Complementary and substitute commodities</p> Signup and view all the answers

    What is the primary concern of the O-Ring hypothesis of production and development?

    <p>Quality control and production efficiency</p> Signup and view all the answers

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