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Economic Principles: Chapter 1 & 2 Review

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Economic Principles: Chapter 1 & 2 Review

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Questions and Answers

What is the concept that focuses on the additional unit of activity in economics?

Marginal (correct)

Opportunity cost

Absolute advantage

Comparative advantage

Which of the following is NOT a common mistake mentioned in the text when making economic decisions?

Measuring costs and benefits as proportions instead of absolute amounts

Ignoring opportunity costs

Comparing prices without considering quality (correct)

Thinking at the margin

In microeconomics, what type of decision-making is deemed rational according to the text?

Choosing based on emotions

Choosing based on absolute advantage

Choosing based on convenience

Choosing based on comparative advantage (correct)

What does the Cost-Benefit Principle refer to?

Taking action only if the benefit exceeds the costs (B) Signup and view all the answers

What is a key aspect of the Incentive principle?

Stressing the relevant costs and benefits (D) Signup and view all the answers

What is considered under the definition of opportunity cost?

Explicit and implicit costs unless stated otherwise (B) Signup and view all the answers

In the provided example of whether to walk downtown to save money, what principle is being applied?

Opportunity costs principle (C) Signup and view all the answers

Economic Principles: Chapter 1 & 2 Review

Choose a study mode

Podcast

Questions and Answers

What is the concept that focuses on the additional unit of activity in economics?

Which of the following is NOT a common mistake mentioned in the text when making economic decisions?

In microeconomics, what type of decision-making is deemed rational according to the text?

What does the Cost-Benefit Principle refer to?

What is a key aspect of the Incentive principle?

What is considered under the definition of opportunity cost?

In the provided example of whether to walk downtown to save money, what principle is being applied?

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Choose a study mode

Podcast

Questions and Answers

What is the concept that focuses on the additional unit of activity in economics?

Which of the following is NOT a common mistake mentioned in the text when making economic decisions?

In microeconomics, what type of decision-making is deemed rational according to the text?

What does the Cost-Benefit Principle refer to?

What is a key aspect of the Incentive principle?

What is considered under the definition of opportunity cost?

In the provided example of whether to walk downtown to save money, what principle is being applied?

More Like This

ECO2013 Economic Principles Quiz

Economic Principles 101 Study Unit 1

Economic Principles and Scarcity

Economics Chapter 1: Limits and Choices

Economic Principles: Chapter 1 & 2 Review