10 Questions
What is the first fundamental question of Economics?
What to produce?
In the context of Economics, what does the HOW question refer to?
Deciding on technology and resources for production.
Which factor plays a crucial role in answering the HOW question according to the text?
Education
What is the third fundamental question of Economics as mentioned in the text?
For whom to produce goods and services?
Which of the following correctly reflects the role of Economics professors according to the text?
They should receive higher salaries than others.
What does Opportunity Cost refer to?
The BEST alternative sacrificed for a CHOSEN alternative
What is the essence of Marginal Analysis?
The examination of the effects of additions to or subtractions from the current situation
How is Marginal Benefit (MB) defined?
The benefit from pursuing an incremental increase in an activity
What is NOT considered in Marginal Analysis?
Sunk Costs
How should one decide whether to pursue an activity using Marginal Analysis?
$MB > MC$
Explore the three fundamental questions of economics: what to produce, how to produce, and for whom to produce. Understand how these questions shape the decision-making process in an economy.
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