Elasticity, Opportunity Cost, and Economic Study
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Questions and Answers

What does elasticity of demand refer to?

  • The responsiveness of quantity demanded to changes in price (correct)
  • The wants and needs of households
  • The quantity of goods and services available in the market
  • The satisfaction derived from consuming goods and services

What is the primary concern of Economics?

  • Household wants and needs
  • Satisfaction derived from consuming goods and services
  • Market fluctuations
  • Opportunity cost and trade-offs (correct)

How does the study of Economics impact everyday life?

  • It focuses on understanding people and businesses
  • It determines the quantity of goods and services in the market
  • It affects tax policies and interest rates (correct)
  • It measures the satisfaction derived from consuming goods and services

What does 'Trade-off' mean in Economics?

<p>Giving up one thing in return for something else (C)</p> Signup and view all the answers

What is the correct definition of elasticity of demand?

<p>The measure of responsiveness of quantity demanded to a change in price (A)</p> Signup and view all the answers

What is the primary concern of Economics?

<p>Studying the production and distribution of goods and services (D)</p> Signup and view all the answers

In economics, what does 'trade-off' mean?

<p>The act of giving up one thing in return for another (D)</p> Signup and view all the answers

What does opportunity cost refer to?

<p>What you have to give up in terms of goods and services (B)</p> Signup and view all the answers

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