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Questions and Answers
What is the opportunity cost of a decision?
What is the opportunity cost of a decision?
- The initial cost of the chosen option
- The potential gain from the chosen option
- The total cost of all available alternatives
- The value of the next best alternative that is given up (correct)
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
- Microeconomics deals with personal finance, while macroeconomics deals with government finance
- Microeconomics examines short-term economic changes, while macroeconomics examines long-term trends
- Microeconomics studies small businesses, while macroeconomics studies large corporations
- Microeconomics focuses on individual markets, while macroeconomics looks at the economy as a whole (correct)
What does the term 'elasticity of demand' refer to?
What does the term 'elasticity of demand' refer to?
- The proportion of income spent on a good
- The total revenue generated from the sales of a good
- The total quantity demanded in the market
- The responsiveness of quantity demanded to a change in price (correct)
Money makes the world go ______
Money makes the world go ______
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Time is ______, but money is ______
Time is ______, but money is ______
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Important
Important
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