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Economics Essentials Quiz
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Economics Essentials Quiz

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Questions and Answers

Which of the following best defines aggregate demand?

  • The demand for goods and services by individuals in an economy
  • The demand for a specific good or service in an economy
  • The demand for goods and services by businesses in an economy
  • The total demand for goods and services in an economy at a given time (correct)

    • What is the basic economic problem?

  • The scarcity of resources relative to unlimited wants and needs (correct)
  • The lack of government intervention in the economy
  • The inability of producers to meet consumer demand
  • The unequal distribution of wealth in an economy

    • What does opportunity cost measure?

  • The cost of resources used in production
  • The value of the next best alternative foregone when making a choice (correct)
  • The total cost of producing a good or service
  • The price of a good or service in the market

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