10 Questions
Which branch of economics focuses on broad issues such as growth, unemployment, inflation, and trade balance?
Macroeconomics
What does scarcity mean in the context of economics?
Having wants that exceed available resources
What is the definition of demand in economics?
The amount of some good or service consumers are willing and able to purchase at each price
What is the definition of price in economics?
The amount of money consumers are willing to spend
What does microeconomics focus on?
Individual agents within the economy like households, workers, and businesses
Which of the following best describes the study of economics according to the American Economic Association?
The study of scarcity and decision making
What does macroeconomics focus on?
Growth, unemployment, inflation, and trade balance
What is the definition of quantity demanded in economics?
The total number of units of a specific good or service that consumers are willing and able to purchase at each price
What is the definition of demand in economics?
The amount of some good or service consumers are willing and able to purchase at each price
What does microeconomics focus on?
Actions of individual agents within the economy
Test your knowledge of the fundamental concepts of economics, including scarcity, resource allocation, and incentives, with this introductory quiz on macroeconomics.
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