Questions and Answers
What is the primary focus of microeconomics?
The study of individual consumer behavior and market dynamics
Which economic concept is represented by the equation: Y = C + I + G + (X - M)?
Gross Domestic Product (GDP)
Which scenario best exemplifies the concept of 'opportunity cost'?
A student chooses to study for an exam instead of going to a movie, giving up the enjoyment of the movie for potentially better grades.
Which of the following is a characteristic of a perfectly competitive market?
Signup and view all the answers
What is the impact of an increase in interest rates on the money supply?
Signup and view all the answers
Which of the following is a fiscal policy tool used to combat inflation?
Signup and view all the answers
