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Questions in economics

[Sagot para sa’yo] What is macroeconomics primarily focused on? A. Personal savings B. Business production decisions C. The behavior of individual consumers D. The performance of the whole economy

[Sagot para sa’yo] Why is inflation generally preferred over deflation? A. Inflation makes goods cheaper B. Deflation helps people save more C. Inflation encourages spending and investment D. Deflation increases salaries

[Sagot para sa’yo] What is the meaning of "allocative efficiency"? A. Producing only what is cheapest B. When marginal benefit equals marginal cost C. When the government sets prices D. Wasting less resources

[Sagot para sa’yo] What is microeconomics mainly concerned with? A. Studying how countries trade B. Studying decisions made by individuals and businesses C. Controlling government budgets D. Measuring inflation worldwide

[Sagot para sa’yo] Who makes economic decisions in a market economy? A. The king or president B. Only large companies C. Individual consumers and producers D. Foreign investors

[Sagot para sa’yo] How does the concept of opportunity cost help you make better decisions?

[Sagot para sa’yo] In your own words, explain what scarcity is and give an example of how it affects your daily life.

[Sagot para sa’yo] How does scarcity affect both rich and poor countries?

[Sagot para sa’yo] Why do economists say that ""money is just a social construct""? Do you agree? Why or why not?

[Sagot para sa’yo] What is Gross Domestic Product (GDP)? A. The total value of imports B. A measurement of inflation C. The total value of all goods and services produced in a country D. The total number of factories in a country