Economics Basics Quiz
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Questions and Answers

What does the study of microeconomics primarily focus on?

  • The total satisfaction received from a choice
  • Individual decisions and their implications for specific markets (correct)
  • The study of the broad economy and how it grows
  • Factors that influence a person's behavior

    • What is the true cost of a choice, according to the text?

  • The next best alternative that you gave up (correct)
  • The full set of costs and benefits associated with that choice
  • The total satisfaction received from a choice
  • Factors that influence a person's behavior

    • What is the role of an economist, as per the text?

  • To influence a person's behavior
  • To study individual decisions and their implications for specific markets
  • To study economics (correct)
  • To evaluate the full set of costs and benefits associated with a choice

    • What principle should be used when making a choice, according to the text?

    <p>Cost-Benefit Principle - Evaluate the full set of costs and benefits associated with that choice</p> Signup and view all the answers

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