Economics is the social science that studies how societies allocate scarce resources to satisfy unlimited wants and needs . It encompasses various branches, including microeconomics (the study of individual agents like households and firms) and macroeconomics (the study of the economy as a whole) It involves analyzing market behavior, economic growth, inflation, unemployment and government policies . This category could cover various economic principles, theories and models , explaining how they apply to real-world situations . Resources could include case studies, analyses of economic data and discussions of current
Explain the concept of balance of payments. | balance payments.
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A. A measure of a country's debtB. A record of economic transactions with the rest of the worldC. The amount of money a country holds in foreign currency
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What is the role of supply and demand in determining.
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A. They have no role in determining pricesB. Supply determines prices; demand is irrelevantC. Demand determines prices; supply is irrelevantD. They interact to determine ...
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How does a budget deficit impact a nation’s debt? |.
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A. It has no impact on national debtB. It reduces national debtC. It increases national debtD. It stabilizes national debt
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What is the Phillips Curve? | phillips curve & curve.
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A. A relationship between government spending and tax revenueB. A measure of economic growthC. An inverse relationship between inflation and unemploymentD. A model of ...
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Explain the concept of elasticity of demand. | elasticity demand.
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A. How much consumers want a productB. How much a price changes over timeC. The responsiveness of quantity demanded to a price changeD. The ...
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What are the main functions of money? | value goods.
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A. Only as a medium of exchangeB. As a medium of exchange, unit of account, and store of valueC. Only as a store of value
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Describe the concept of opportunity cost. | understanding opportunity &.
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A. The total cost of a decisionB. The monetary cost of a decisionC. The value of the next best alternative forgoneD. The sunk cost ...
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What is the difference between microeconomics and macroeconomics? | microeconomics.
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A. They are the same field of studyB. Microeconomics studies individuals; macroeconomics studies the entire economyC. Microeconomics studies the government; macroeconomics studies businessesD. They ...
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Define unemployment and explain its types. | frictional unemployment &.
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A. Only those actively seeking work are considered unemployedB. Unemployment refers solely to those who have lost their jobsC. Unemployment encompasses various forms related to job searching, skill ...
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What is the role of the World Trade Organization (WTO)?
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A. To regulate domestic marketsB. To set global interest ratesC. To oversee international trade and resolve disputesD. To manage foreign aid