3 Questions
Which of the following best describes the foundation of economics?
The study of how individuals and societies allocate scarce resources to satisfy unlimited wants
What is the primary focus of microeconomics?
Individual economic units and markets
What does the 'ceteris paribus' assumption in economics refer to?
The assumption that other relevant factors remain constant when analyzing the impact of a specific variable
Test your knowledge of the foundation of economics and the primary focus of microeconomics with this quiz. Explore concepts such as the 'ceteris paribus' assumption and more.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
