Microeconomics Quiz

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Questions and Answers

What is the focus of microeconomics?

  • Global economic policies
  • Individual economic agents and markets (correct)
  • Macroeconomic indicators
  • Historical economic trends

Which of the following is a microeconomic concept?

  • Fiscal policy
  • Gross domestic product (GDP)
  • Supply and demand (correct)
  • Inflation rate

What does microeconomics study in relation to pricing decisions?

  • How overall price levels impact consumer behavior
  • How individual firms set prices based on costs and market demand (correct)
  • How government policies influence price levels
  • How international trade affects price stability

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