Podcast
Questions and Answers
Which scenario best illustrates the concept of opportunity cost?
Which scenario best illustrates the concept of opportunity cost?
- A student buys a new laptop for school.
- A government increases taxes to fund public education.
- A farmer chooses to plant corn instead of wheat on their land. (correct)
- A family decides to save money for a future vacation.
What is the primary focus of macroeconomics?
What is the primary focus of macroeconomics?
- The stock market performance of specific companies
- The operation of individual firms
- Individual consumer behavior
- The overall performance of the national economy (correct)
Which of the following is NOT one of the basic economic questions that every society must answer?
Which of the following is NOT one of the basic economic questions that every society must answer?
- When to produce? (correct)
- What to produce?
- How to produce?
- For whom to produce?
In economics, what does 'scarcity' primarily refer to?
In economics, what does 'scarcity' primarily refer to?
Which economic system is characterized by private ownership of resources and the use of prices to coordinate economic activity?
Which economic system is characterized by private ownership of resources and the use of prices to coordinate economic activity?
What is the main goal of fiscal policy?
What is the main goal of fiscal policy?
Which of the following is a key indicator of economic growth?
Which of the following is a key indicator of economic growth?
What is the primary function of money in an economy?
What is the primary function of money in an economy?
Which sector of the economy is responsible for extracting raw materials from the earth?
Which sector of the economy is responsible for extracting raw materials from the earth?
What does the law of demand state?
What does the law of demand state?
What is inflation?
What is inflation?
Which of the following is an example of a public good?
Which of the following is an example of a public good?
What is the role of the central bank in an economy?
What is the role of the central bank in an economy?
Which of these is a characteristic of a perfectly competitive market?
Which of these is a characteristic of a perfectly competitive market?
What does Gross Domestic Product (GDP) measure?
What does Gross Domestic Product (GDP) measure?
Which of the following is a tool used in monetary policy?
Which of the following is a tool used in monetary policy?
What is the effect of a tariff on imported goods?
What is the effect of a tariff on imported goods?
Which concept describes the situation where one country can produce a good at a lower opportunity cost than another country?
Which concept describes the situation where one country can produce a good at a lower opportunity cost than another country?
What is the main function of a market?
What is the main function of a market?
If a country's exports are greater than its imports, what is this called?
If a country's exports are greater than its imports, what is this called?
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