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The Economics Essentials Quiz
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The Economics Essentials Quiz

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@ThrilledPond

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Questions and Answers

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?

  • 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?

  • 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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