Introductory Microeconomics Quiz
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Questions and Answers

What is the central problem of an economy?

  • How to produce with limited resources (correct)
  • For whom to produce with limited wants
  • How to produce with unlimited resources
  • What to produce with unlimited resources

    • Which is an example of a microeconomic study?

  • Government budget allocation
  • Foreign exchange rate fluctuations
  • Market equilibrium price (correct)
  • National income analysis

    • What does consumption refer to in economics?

  • Investing in financial markets
  • Producing goods and services for the market
  • Exchanging goods and services
  • Using up the utility of goods and services (correct)

    • What is the primary characteristic of an economy?

    <p>Providing means for people to work and earn their living</p> Signup and view all the answers

    What is the focus of macroeconomics?

    <p>Studying the entire economy</p> Signup and view all the answers

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