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Chapter 1: The Ten Principles of Economics Important Terminologies

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Chapter 1: The Ten Principles of Economics Important Terminologies

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Questions and Answers

What is the primary focus of economics according to the text?

Producing goods efficiently

Attaining equality in society

Managing scarce resources effectively (correct)

Increasing the general level of prices

Which term refers to distributing prosperity uniformly among society's members?

Opportunity cost

Incentive

Equality (correct)

Efficiency

What do rational people do according to the text?

Evaluate costs and benefits of marginal changes (correct)

Act randomly without purpose

Make decisions impulsively

Ignore costs and benefits

What is an incentive according to the text?

An inducement for action Signup and view all the answers

Which factor affects productivity according to the text?

Competition abroad Signup and view all the answers

What is the main tradeoff society faces when it comes to achieving greater equality?

Reducing the incentive to work in order to redistribute income Signup and view all the answers

What concept emphasizes that what you give up to get something is the relevant cost for decision making?

Opportunity cost Signup and view all the answers

In an economy, what guides self-interested households and firms to make decisions that maximize society's economic well-being?

Prices reflecting value to buyers and production costs Signup and view all the answers

How does trade benefit countries and individuals according to the text?

By allowing specialization and exchange for mutual gain Signup and view all the answers

What economic principle states that more money in circulation leads to increased demand and subsequently higher prices?

Quantity theory of money Signup and view all the answers