Basic Principle of Economics
6 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What principle does all of economics rest on?

  • Changes in human behavior are unpredictable.
  • Monetary factors have no influence on incentives.
  • Changes in incentives influence human behavior predictably. (correct)
  • The cost of something does not impact people's choices.

    • When an option becomes more costly, what is the likely impact on people's choices?

  • They are equally likely to choose it.
  • They will avoid choosing it. (correct)
  • They are more likely to choose it.
  • They will consider other factors before choosing.

    • What happens when the benefits derived from an option increase according to the text?

  • People are less likely to choose it.
  • People are more likely to choose it. (correct)
  • People will ignore the benefits.
  • People will delay their decision-making.

    • What is the implication of an option becoming more costly?

    <p>Less is chosen.</p> Signup and view all the answers

    In what scenario would attendance in college classes be below normal according to the text?

    <p>The day before school holidays.</p> Signup and view all the answers

    What encourages customers to buy more according to the text?

    <p>Low prices, high-quality service, and a convenient location.</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser