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Microeconomics and Macroeconomics

Created by

@TruthfulElation8195

Questions and Answers

Which of the following is NOT a key component of the economic perspective?

Marginal analysis by comparing the marginal benefits and marginal costs

Scarcity and choice

Opportunity cost

Purposeful behavior to increase utility (correct)

What is the main focus of microeconomics?

Opportunity cost

Scarcity and choice

Individuals and institutions making rational decisions (correct)

Marginal analysis

What is the main focus of macroeconomics?

Marginal analysis

Opportunity cost

Scarcity and choice (correct)

Individuals and institutions making rational decisions

What is the economic problem faced by individuals?

<p>Scarcity and choice</p> Signup and view all the answers

What is the economic problem faced by society?

<p>Scarcity and choice</p> Signup and view all the answers

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