Questions and Answers
Microeconomics focuses on individual consumers and firms, while macroeconomics examines the overall economy of a country or the world.
True
Microeconomics is the branch of economics that studies the behavior of individual markets, such as the market for a specific product or service.
True
Microeconomics is concerned with issues such as supply and demand, pricing, and the allocation of resources in specific markets.
True
True or false: National income per capita is a concern of Macroeconomics?
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True or false: Microeconomics studies the behavior of individual markets?
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True or false: Microeconomics focuses on individual consumers and firms?
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True or false: National income per capita is a concern of Microeconomics?
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True or false: Microeconomics analyzes the entire economics in aggregate, such as unemployment and inflation?
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True or false: Economics is the study of how fairly goods and services are distributed within society?
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Scarcity means that there is more of a good or resource available than people wish to have.
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The three economic problems consist of scarcity, choice, and opportunity cost.
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The cost of an action is measured in terms of gained opportunities.
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