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Questions and Answers
Which branch of economics focuses on national and global economic decision-making?
Which branch of economics focuses on national and global economic decision-making?
- Microeconomics
- Macroeconomics (correct)
- Environmental economics
- Behavioral economics
What is scarcity in economics?
What is scarcity in economics?
- The limited availability of resources (correct)
- The fluctuating availability of resources
- The unlimited availability of resources
- The equal availability of resources
What is the opportunity cost?
What is the opportunity cost?
- The least-valued alternative given up
- The random alternative given up
- The most-valued alternative given up (correct)
- The average-valued alternative given up
What does the Law of Diminishing Marginal Utility state?
What does the Law of Diminishing Marginal Utility state?
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What does living within one's means involve?
What does living within one's means involve?
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