Macroeconomics Fundamentals Quiz
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Questions and Answers

Which branch of economics focuses on broad issues such as growth, unemployment, inflation, and trade balance?

  • Behavioral economics
  • Microeconomics
  • Macroeconomics (correct)
  • Development economics
  • What does scarcity mean in the context of economics?

  • Having unlimited wants
  • Having more resources than wants
  • Having an abundance of resources
  • Having wants that exceed available resources (correct)
  • 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 (correct)
  • The amount of money consumers are willing to spend
  • The amount of goods or services produced
  • The total number of units of a specific good or service available in the market
  • What is the definition of price in economics?

    <p>The amount of money consumers are willing to spend</p> Signup and view all the answers

    What does microeconomics focus on?

    <p>Individual agents within the economy like households, workers, and businesses</p> Signup and view all the answers

    Which of the following best describes the study of economics according to the American Economic Association?

    <p>The study of scarcity and decision making</p> Signup and view all the answers

    What does macroeconomics focus on?

    <p>Growth, unemployment, inflation, and trade balance</p> Signup and view all the answers

    What is the definition of quantity demanded in economics?

    <p>The total number of units of a specific good or service that consumers are willing and able to purchase at each price</p> Signup and view all the answers

    What is the definition of demand in economics?

    <p>The amount of some good or service consumers are willing and able to purchase at each price</p> Signup and view all the answers

    What does microeconomics focus on?

    <p>Actions of individual agents within the economy</p> Signup and view all the answers

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