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Ecn 212 SET EXAM QUESTIONS REVISED WITH CORRECT ANSWERS PASSED!!
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Ecn 212 SET EXAM QUESTIONS REVISED WITH CORRECT ANSWERS PASSED!! Economics is the study of how society manages its - ANSWER : unlimited wants and limited resources The opportunity cost of a choice is: - ANSWER : the value of the opportunities lost. A rational decision maker takes an action only if the - ANSWER : marginal benefit is greater than the marginal cost. Economists assume that people respond to: - ANSWER : incentives Economics deals primarily with the concept of - ANSWER : scarcity The phenomenon of scarcity stems from the fact that - ANSWER : resources are limited. A group of buyers and sellers of a particular good or service is called a(n) - ANSWER : market
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