Podcast
Questions and Answers
What concept in economics involves analyzing the additional or incremental costs or benefits arising from a choice or decision?
What concept in economics involves analyzing the additional or incremental costs or benefits arising from a choice or decision?
- Relative price
- Marginalism (correct)
- Opportunity cost
- Scarcity
Which of the following concepts involves what we give up by not making an alternative choice?
Which of the following concepts involves what we give up by not making an alternative choice?
- Marginalism
- Opportunity cost (correct)
- Choice
- Scarcity
What is the main reason for studying economics, according to the text?
What is the main reason for studying economics, according to the text?
- To analyze marginal benefits
- To learn a way of thinking (correct)
- To learn efficient market strategies
- To understand scarcity
In economics, what does 'relative price' refer to?
In economics, what does 'relative price' refer to?
What idea in economics involves selecting one alternative over another?
What idea in economics involves selecting one alternative over another?
What aspect of Economics focuses on the examination of different economic systems to determine their advantages and disadvantages?
What aspect of Economics focuses on the examination of different economic systems to determine their advantages and disadvantages?
Which specialized field in Economics emphasizes the study of growth in less developed countries?
Which specialized field in Economics emphasizes the study of growth in less developed countries?
Which concept in economics focuses on the notion that a rational decision maker considers actions only if the marginal benefit exceeds the marginal cost?
Which concept in economics focuses on the notion that a rational decision maker considers actions only if the marginal benefit exceeds the marginal cost?
What distinguishes economists who focus on developing new theories from those who test existing theories?
What distinguishes economists who focus on developing new theories from those who test existing theories?
Which field of Economics concerns itself with the relationship between economics and law?
Which field of Economics concerns itself with the relationship between economics and law?
What type of economists are primarily interested in applying already known theories to public policies?
What type of economists are primarily interested in applying already known theories to public policies?
In which field of Economics would you expect to find a detailed examination of the history of economic thought?
In which field of Economics would you expect to find a detailed examination of the history of economic thought?
What is the main reason behind the establishment of the study of economics?
What is the main reason behind the establishment of the study of economics?
What concept is at the heart of the study of economics?
What concept is at the heart of the study of economics?
What is opportunity cost?
What is opportunity cost?
Why is scarcity considered essential for the study of economics?
Why is scarcity considered essential for the study of economics?
What does opportunity cost refer to in economic decision-making?
What does opportunity cost refer to in economic decision-making?
How does scarcity relate to the field of economics?
How does scarcity relate to the field of economics?
What does economic efficiency refer to?
What does economic efficiency refer to?
How can technological advancement impact the workforce?
How can technological advancement impact the workforce?
What is equity in the context discussed in the text?
What is equity in the context discussed in the text?
How does being efficient in production impact a company?
How does being efficient in production impact a company?
What does effectiveness mean in economics?
What does effectiveness mean in economics?
How can economics be a functional tool for other fields?
How can economics be a functional tool for other fields?
What is the common way of expressing the efficient markets concept?
What is the common way of expressing the efficient markets concept?
What are sunk costs in economics?
What are sunk costs in economics?
What does Economics seek to understand about society?
What does Economics seek to understand about society?
What does understanding economics help develop in individuals according to the text?
What does understanding economics help develop in individuals according to the text?
In an efficient market, what happens to profit opportunities?
In an efficient market, what happens to profit opportunities?
What is one way Economics seeks to understand global affairs?
What is one way Economics seeks to understand global affairs?
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