Podcast
Questions and Answers
What is the best example of making decisions at the margin?
What is the best example of making decisions at the margin?
C. Pekkei was not planning to attend college this semester, but then she decides to take 12 units worth of classes.
Which key concept in economics is best represented by the economist's observation about the tax increase on cigarettes?
Which key concept in economics is best represented by the economist's observation about the tax increase on cigarettes?
B. Looking for unintended effects
What is a condition often used in economics to isolate the relationship between two variables?
What is a condition often used in economics to isolate the relationship between two variables?
Ceteris paribus
What is the best way to evaluate a theory?
What is the best way to evaluate a theory?
In economics, what does the attempt to determine 'what is' always involve?
In economics, what does the attempt to determine 'what is' always involve?
Define the term 'Utility' in the context of economics.
Define the term 'Utility' in the context of economics.
What does the term 'Efficiency' refer to in economics?
What does the term 'Efficiency' refer to in economics?
Explain the concept of 'Abstraction' in economics.
Explain the concept of 'Abstraction' in economics.
What type of issues does macroeconomics focus on?
What type of issues does macroeconomics focus on?
Which branch of economics deals with individual markets and decision-making units?
Which branch of economics deals with individual markets and decision-making units?
Differentiate between positive economics and normative economics.
Differentiate between positive economics and normative economics.
What role does mathematics play in evaluating economic theories?
What role does mathematics play in evaluating economic theories?
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