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Questions and Answers
Which of the following is NOT a key component of the economic perspective?
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?
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?
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?
What is the economic problem faced by individuals?
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What is the economic problem faced by society?
What is the economic problem faced by society?
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