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Unit 1 Basics of Microeconomics - Challenges #1.1-#1.3 questions & answers.
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Unit 1 Basics of Microeconomics - Challenges #1.1-#1.3 questions & answers.
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Unit 1 Basics of Microeconomics -Challenges #1.1-#1.3 questions &
answers.
Which of the following is the best definition of economics? ANS -The study of choices, and of how the
choices of individuals and groups impact society.
Which of the following is the best example of the core principle of economics which states that "People
Make Choices"? ANS -You know that staying up late on a weekday makes you tired the next day, but you
stay up anyway.
According to the definition of an economy, which of the following would be considered to be an
economy? ANS -Canada
Which of the following is the best statement regarding scarcity in economics? ANS -It is the condition
that exists because there are not enough resources to produce everyone's wants.
Microeconomics focuses mainly on the study of __________. ANS -markets
You would love to go to the baseball game this afternoon, but you don't really have the cash, and you
have homework to do this afternoon. What concept or concepts are involved here? ANS -A trade-off, a
constraint, and a choice
When using cost-benefit analysis, sometimes you are still undecided after comparing the dollar value of
total costs to the dollar value of total benefits.
Which of these actions would be best to do next? ANS -Consider the costs and benefits that do not have
a monetary value assigned, as well as your own experience, and other relevant factors in making the
decision.
Any place where the factors of production are bought and sold is called a __________. ANS -resource
market
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