20 Questions
What does a two-variable graph in economics use to represent the vertical and horizontal lines?
Scale lines
In economics, what is a positive relationship between two variables called?
Direct relationship
Which type of relationship is indicated by variables that move in opposite directions on a graph in economics?
Negative relationship
What characterizes a linear relationship in economics when represented on a graph?
A straight line
Which type of relationship is shown when variables have a maximum or minimum in economics?
Optimal relationship
What type of relationship is depicted by a line sloping downward in a graph?
Negative relationship
In economic models, what do maximum and minimum relationships exhibit?
Positive and negative relationships in different ranges
When two variables are said to be unrelated in economics, what does this mean?
There is no relationship between the variables
Which type of graph would represent variables having a maximum and minimum relationship?
A curved line
What kind of relationship is illustrated by two variables moving in opposite directions in economics?
Negative relationship
In economics, what is the main focus of microeconomics?
The study of choices that individuals and businesses make in markets
Which economic question summarizes the determination of what, how, and for whom goods and services get produced?
How do choices determine what, how, & for whom goods & services are produced?
What is an example of a macroeconomic study according to the text?
Studying why inflation is low in a specific country like Qatar
What are goods and services in economics?
Items that people value and produce to satisfy human wants
Which economic question deals with the relationship between self-interest and social interest?
When do choices in self-interest also promote social interest?
What is the main concern addressed by economists regarding individual choices?
If individual choices can have positive outcomes for both individuals and society.
In the context of the text, how do globalization and information-age monopolies relate to social interest?
Both globalization and information-age monopolies can promote social interest through certain aspects.
How does increased production, mentioned in the text in relation to climate change, intersect with social interest?
Increased production can provide goods while also harming the environment, affecting social interest.
What was the consequence of high-risk mortgages in the global economic crisis of 2008 as discussed in the text?
High-risk mortgages played a role in causing the global economic crisis of 2008.
In the context of economics, how do personal loans for buying homes relate to economic instability?
Personal loans for homes can lead to economic instability when associated with high-risk mortgages.
Test your understanding of the relationship between individual choices and the overall well-being of society. Explore the impact of pursuing self-interest on promoting social interest, using examples like globalization and production costs.
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