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Questions and Answers
What is the first fundamental question of Economics?
What is the first fundamental question of Economics?
- What to produce? (correct)
- How to produce goods and services?
- When to produce goods and services?
- Who should consume goods and services?
In the context of Economics, what does the HOW question refer to?
In the context of Economics, what does the HOW question refer to?
- The distribution of goods and services.
- Deciding on technology and resources for production. (correct)
- Choosing the target market for goods and services.
- Determining the pricing of goods and services.
Which factor plays a crucial role in answering the HOW question according to the text?
Which factor plays a crucial role in answering the HOW question according to the text?
- Consumer demand
- Education (correct)
- Technological advancements
- Government regulations
What is the third fundamental question of Economics as mentioned in the text?
What is the third fundamental question of Economics as mentioned in the text?
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Which of the following correctly reflects the role of Economics professors according to the text?
Which of the following correctly reflects the role of Economics professors according to the text?
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What does Opportunity Cost refer to?
What does Opportunity Cost refer to?
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What is the essence of Marginal Analysis?
What is the essence of Marginal Analysis?
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How is Marginal Benefit (MB) defined?
How is Marginal Benefit (MB) defined?
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What is NOT considered in Marginal Analysis?
What is NOT considered in Marginal Analysis?
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How should one decide whether to pursue an activity using Marginal Analysis?
How should one decide whether to pursue an activity using Marginal Analysis?
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