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Questions and Answers
Which of the following best describes economics?
Which of the following best describes economics?
- The study of social sciences
- The study of government spending and inflation
- The study of money and finance
- The study of scarcity and decision making (correct)
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
- Microeconomics studies small economic units, while macroeconomics studies the economy as a whole (correct)
- Microeconomics studies individuals, while macroeconomics studies governments
- Microeconomics studies government spending, while macroeconomics studies economic growth
- Microeconomics studies the economy as a whole, while macroeconomics studies specific industries
Based on the text, which statement is true about the rising price of crude oil on world markets?
Based on the text, which statement is true about the rising price of crude oil on world markets?
- It will have no impact on gas prices
- It will lead to a decrease in demand for gas
- It will lead to an increase in gas prices (correct)
- It will lead to a decrease in gas prices
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