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Questions and Answers
Which of the following best defines aggregate demand?
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?
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?
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
