Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What principle does all of economics rest on?
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?
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?
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?
What is the implication of an option becoming more costly?
Signup and view all the answers
In what scenario would attendance in college classes be below normal according to the text?
In what scenario would attendance in college classes be below normal according to the text?
Signup and view all the answers
What encourages customers to buy more according to the text?
What encourages customers to buy more according to the text?
Signup and view all the answers
