Podcast Beta
Questions and Answers
What is the study of how society manages its scarce resources?
According to Principle 1, what do people face when making decisions?
What is the opportunity cost of going to college for a year?
According to Principle 3, what do rational people do when making decisions?
Signup and view all the answers
What does Principle 4 state about people's response to incentives?
Signup and view all the answers
What kind of nature does society's resources have, according to the text?
Signup and view all the answers
What is the trade-off presented in the text regarding pollution regulations?
Signup and view all the answers
In the context of Principle 2, what does the opportunity cost include?
Signup and view all the answers
What is considered in marginal changes according to Principle 3?
Signup and view all the answers
'To achieve greater equality, could redistribute income from wealthy to poor' - this statement relates to which principle?
Signup and view all the answers
'Society gets the most from its scarce resources' - this statement refers to which principle?
Signup and view all the answers
What is the study of how society manages its scarce resources?
Signup and view all the answers
