Economics Fundamentals Quiz

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)

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)

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)

<p>round</p> Signup and view all the answers

<p>precious</p> Signup and view all the answers

<p>necessary</p> Signup and view all the answers