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Questions and Answers
Which of the following is a basic economic problem?
Which of the following is a basic economic problem?
- Luxury
- Waste
- Abundance
- Scarcity (correct)
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
- Microeconomics studies individual economic units while macroeconomics studies the economy as a whole (correct)
- Microeconomics and macroeconomics are the same thing
- Microeconomics and macroeconomics are unrelated
- Microeconomics studies the economy as a whole while macroeconomics studies individual economic units
What is the opportunity cost of a decision?
What is the opportunity cost of a decision?
- The total cost of all alternatives considered
- The cost of the most expensive alternative considered
- The cost of the chosen alternative
- The value of the next best alternative that must be given up (correct)
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