Economics Essentials
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Questions and Answers

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?

<p>The analysis that involves comparing marginal benefits and marginal costs. (C)</p> Signup and view all the answers

What is a market?

<p>The institution or arrangement by which buyers and sellers come together to trade. (A)</p> Signup and view all the answers

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

<p>The measurement of the responsiveness of quantity demanded to a change in price (A)</p> Signup and view all the answers

What are the determinants of elasticity of demand?

<p>Price and quantity demanded (D)</p> Signup and view all the answers

What is the concept of marginal analysis in economics?

<p>Comparing the additional benefits and additional costs of a decision (B)</p> Signup and view all the answers

What is the definition of a market in economics?

<p>A group of buyers and sellers of a good or service (A)</p> Signup and view all the answers

What is the primary focus of economics?

<p>Allocating resources efficiently (B)</p> Signup and view all the answers

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