Podcast
Questions and Answers
What does scarcity require individuals to do?
What does scarcity require individuals to do?
- Allocate their time and money (correct)
- Randomly choose goods and services
- Ignore opportunity costs
- Make irrational decisions
What does opportunity cost refer to?
What does opportunity cost refer to?
- A perfect decision-making process
- The emotions attached to a decision
- A random decision-making process
- The value placed on a choice (correct)
According to economics, what does 'rational self-interest' mean?
According to economics, what does 'rational self-interest' mean?
- Assuming perfect decision-making
- Pursuing opportunities to maximize satisfaction (correct)
- Being immune from faulty logic
- Making random decisions
What does 'marginal' mean in economics?
What does 'marginal' mean in economics?
Why is marginal analysis important in decision making?
Why is marginal analysis important in decision making?
What is a well-tested and widely accepted economic theory referred to as?
What is a well-tested and widely accepted economic theory referred to as?
What are economic principles expressed as?
What are economic principles expressed as?
What assumption do economists use when constructing theories?
What assumption do economists use when constructing theories?
What are the general categories into which economists classify economic resources?
What are the general categories into which economists classify economic resources?
Which resource consists of the physical and mental talents of individuals used in producing goods and services?
Which resource consists of the physical and mental talents of individuals used in producing goods and services?
What does the resource capital include for economists?
What does the resource capital include for economists?
What does a production possibilities table list?
What does a production possibilities table list?
What is the special human resource, distinct from labor, called according to economists?
What is the special human resource, distinct from labor, called according to economists?
How are the economy's output of capital goods and consumer goods represented on a production possibilities curve?
How are the economy's output of capital goods and consumer goods represented on a production possibilities curve?
What does a point lying inside the production possibilities curve imply?
What does a point lying inside the production possibilities curve imply?
What does the law of increasing opportunity costs indicate?
What does the law of increasing opportunity costs indicate?
According to the optimization rule, when should an economic activity be expanded?
According to the optimization rule, when should an economic activity be expanded?
What does the optimal quantity of pizza production indicate?
What does the optimal quantity of pizza production indicate?
How do unemployment and unused production capacity relate to the production possibilities model?
How do unemployment and unused production capacity relate to the production possibilities model?
What does a shift from the inner curve to curve A’ B’ C’ D’ E’ in Figure 1.5 indicate?
What does a shift from the inner curve to curve A’ B’ C’ D’ E’ in Figure 1.5 indicate?
What contributes to economic growth according to the text?
What contributes to economic growth according to the text?
What does a point outside the production possibilities curve indicate?
What does a point outside the production possibilities curve indicate?
Upon what specific assumptions is the production possibilities curve based?
Upon what specific assumptions is the production possibilities curve based?
What is the main concern of economics?
What is the main concern of economics?
What is the definition of economics according to the text?
What is the definition of economics according to the text?
What is the main characteristic of the market system according to the text?
What is the main characteristic of the market system according to the text?
What does microeconomics focus on?
What does microeconomics focus on?
How do economists view the world according to the text?
How do economists view the world according to the text?
What does the economic perspective emphasize according to the text?
What does the economic perspective emphasize according to the text?
Which of the following is an example of positive economics?
Which of the following is an example of positive economics?
What does a budget line visualize?
What does a budget line visualize?
What causes people to be forced to make choices according to the text?
What causes people to be forced to make choices according to the text?
What does society's economizing problem stem from?
What does society's economizing problem stem from?
What is the fundamental problem faced by society according to the text?
What is the fundamental problem faced by society according to the text?
What is the focus of macroeconomics?
What is the focus of macroeconomics?
What does economics focus on?
What does economics focus on?
Which statement best describes normative economics?
Which statement best describes normative economics?
What does positive economics focus on?
What does positive economics focus on?
What is the economizing problem faced by individuals?
What is the economizing problem faced by individuals?
Economics is the social science concerned with how individuals, institutions, and society make ______ choices under conditions of ______.
Economics is the social science concerned with how individuals, institutions, and society make ______ choices under conditions of ______.
Economists view the world through the lens of ______.
Economists view the world through the lens of ______.
What does scarce economic resources mean?
What does scarce economic resources mean?
What is the definition of opportunity cost?
What is the definition of opportunity cost?
How would you describe the decision-making process in economics, where individuals weigh costs and benefits to make decisions?
How would you describe the decision-making process in economics, where individuals weigh costs and benefits to make decisions?
What condition ensures profitability when selling a ticket to a standby passenger?
What condition ensures profitability when selling a ticket to a standby passenger?
What is the correct sequence of steps in the economics scientific method (procedure) described?
What is the correct sequence of steps in the economics scientific method (procedure) described?
What term is used to describe a thoroughly tested and widely accepted economic theory, often referred to as a fundamental concept in economics?
What term is used to describe a thoroughly tested and widely accepted economic theory, often referred to as a fundamental concept in economics?
