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Questions and Answers
What is the basic problem in economics?
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?
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?
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?
What does trade allow countries and businesses to do?
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What is usually a good way to organize economic activity?
What is usually a good way to organize economic activity?
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True or false: Economics is the study of how society manages its scarce resources?
True or false: Economics is the study of how society manages its scarce resources?
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True or false: Decision making in economics involves trade-offs, where you give up one thing to get another?
True or false: Decision making in economics involves trade-offs, where you give up one thing to get another?
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True or false: Opportunity cost is the value of what you give up to obtain something?
True or false: Opportunity cost is the value of what you give up to obtain something?
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True or false: Thinking at the margin involves making small incremental adjustments?
True or false: Thinking at the margin involves making small incremental adjustments?
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True or false: Markets are usually a good way to organize economic activity?
True or false: Markets are usually a good way to organize economic activity?
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