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    Macroeconomics Principles and Policy Study Set 2
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    Exam 3: The Fundamental Economic Problem: Scarcity and Choice
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    Carefully Define the Following Terms and Explain Their Importance to the Study
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Carefully Define the Following Terms and Explain Their Importance to the Study

Question 23

Question 23

Essay

Carefully define the following terms and explain their importance to the study of economics.
a. Resources
b. Rational decision
c. Scarcity
d. Opportunity cost

Correct Answer:

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a. Resources are the instruments provide...

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