A professional trained in a narrow abstract field is a________________?
Correct answer: B. specialist
- A. vice president
- B. specialist
- C. bureaucrat
- D. foreman
Explanation
A specialist develops expert knowledge in a limited or narrow field. A bureaucrat refers to an administrative official, while a foreman supervises workers.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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