Podcast
Questions and Answers
What is the study of how society manages its scarce resources?
What is the study of how society manages its scarce resources?
- Sociology
- Anthropology
- Economics (correct)
- Political Science
According to Principle 1, what do people face when making decisions?
According to Principle 1, what do people face when making decisions?
- Trade-offs (correct)
- Risks
- Opportunities
- Rewards
What is the opportunity cost of going to college for a year?
What is the opportunity cost of going to college for a year?
- Tuition, books, and fees only
- The price of the movie ticket
- The value of the time spent in college
- Tuition, books, and fees PLUS foregone wages (correct)
According to Principle 3, what do rational people do when making decisions?
According to Principle 3, what do rational people do when making decisions?
What does Principle 4 state about people's response to incentives?
What does Principle 4 state about people's response to incentives?
What kind of nature does society's resources have, according to the text?
What kind of nature does society's resources have, according to the text?
What is the trade-off presented in the text regarding pollution regulations?
What is the trade-off presented in the text regarding pollution regulations?
In the context of Principle 2, what does the opportunity cost include?
In the context of Principle 2, what does the opportunity cost include?
What is considered in marginal changes according to Principle 3?
What is considered in marginal changes according to Principle 3?
'To achieve greater equality, could redistribute income from wealthy to poor' - this statement relates to which principle?
'To achieve greater equality, could redistribute income from wealthy to poor' - this statement relates to which principle?
'Society gets the most from its scarce resources' - this statement refers to which principle?
'Society gets the most from its scarce resources' - this statement refers to which principle?
What is the study of how society manages its scarce resources?
What is the study of how society manages its scarce resources?
