8 Questions
What does elasticity of demand refer to?
The responsiveness of quantity demanded to changes in price
What is the primary concern of Economics?
Opportunity cost and trade-offs
How does the study of Economics impact everyday life?
It affects tax policies and interest rates
What does 'Trade-off' mean in Economics?
Giving up one thing in return for something else
What is the correct definition of elasticity of demand?
The measure of responsiveness of quantity demanded to a change in price
What is the primary concern of Economics?
Studying the production and distribution of goods and services
In economics, what does 'trade-off' mean?
The act of giving up one thing in return for another
What does opportunity cost refer to?
What you have to give up in terms of goods and services
This quiz covers concepts such as elasticity of demand, household and services in the market, opportunity cost, and the study of economics. Test your knowledge on these important economic principles.
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