Economics Essentials

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Which of the following is NOT a primary idea in economics?

People make choices to attain their unlimited wants. (correct)

Optimal decisions are made at the margin.

People are rational.

People respond to economic incentives.

What is the definition of demand?

The institution or arrangement by which buyers and sellers come together to trade.

The number of units of a particular good or service that consumers are willing and able to buy at a given price. (correct)

The measurement of how much the quantity demanded of a good responds to a change in the price of that good.

The study of the choices people and societies make to attain their unlimited wants.

What is the primary focus of economics?

How people attain their unlimited wants given their scarce resources.

How people respond to economic incentives.

How people make choices and interact in markets. (correct)

How people make optimal decisions at the margin.

What is marginal analysis?

The analysis that involves comparing marginal benefits and marginal costs. Signup and view all the answers

What is a market?

The institution or arrangement by which buyers and sellers come together to trade. Signup and view all the answers

Which of the following best describes the concept of elasticity of demand?

The measurement of the responsiveness of quantity demanded to a change in price Signup and view all the answers

What are the determinants of elasticity of demand?

Price and quantity demanded Signup and view all the answers

What is the concept of marginal analysis in economics?

Comparing the additional benefits and additional costs of a decision Signup and view all the answers

What is the definition of a market in economics?

A group of buyers and sellers of a good or service Signup and view all the answers

What is the primary focus of economics?

Allocating resources efficiently Signup and view all the answers

Economics Essentials

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Questions and Answers

Which of the following is NOT a primary idea in economics?

What is the definition of demand?

What is the primary focus of economics?

What is marginal analysis?

What is a market?

Which of the following best describes the concept of elasticity of demand?

What are the determinants of elasticity of demand?

What is the concept of marginal analysis in economics?

What is the definition of a market in economics?

What is the primary focus of economics?

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