Economic Principles and Decision-Making Quiz
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Questions and Answers

What is the basic problem in economics?

  • Scarcity (correct)
  • Equity
  • Opportunity cost
  • Inefficiency

    • What is the principle that states the cost of something is what you give up to get it?

  • Efficiency
  • Trade-offs
  • Equity
  • Opportunity cost (correct)

    • What does thinking at the margin involve?

  • Making small incremental adjustments (correct)
  • Responding to incentives
  • Making trade-offs
  • Comparing costs and benefits

    • What does trade allow countries and businesses to do?

    <p>Specialize in their best goods and services</p> Signup and view all the answers

    What is usually a good way to organize economic activity?

    <p>Markets</p> Signup and view all the answers

    True or false: Economics is the study of how society manages its scarce resources?

    <p>True</p> Signup and view all the answers

    True or false: Decision making in economics involves trade-offs, where you give up one thing to get another?

    <p>True</p> Signup and view all the answers

    True or false: Opportunity cost is the value of what you give up to obtain something?

    <p>True</p> Signup and view all the answers

    True or false: Thinking at the margin involves making small incremental adjustments?

    <p>True</p> Signup and view all the answers

    True or false: Markets are usually a good way to organize economic activity?

    <p>True</p> Signup and view all the answers

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