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Questions and Answers
What is the central problem of an economy?
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?
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?
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?
What is the primary characteristic of an economy?
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What is the focus of macroeconomics?
What is the focus of macroeconomics?
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