Podcast
Questions and Answers
What is the central focus of economics?
What is the central focus of economics?
- Unlimited availability of resources
- Maximizing human wants
- The abundance of resources
- Scarcity of resources and choices among their alternative uses (correct)
What is one reason scarcity of resources leads to economic problems?
What is one reason scarcity of resources leads to economic problems?
- Abundance of resources
- Unlimited human wants and scarce resources (correct)
- Equal distribution of resources
- Lack of interest in resource management
Why do people need to make choices among alternatives according to the text?
Why do people need to make choices among alternatives according to the text?
- To satisfy unlimited human wants with limited resources (correct)
- To reduce scarcity of resources
- Because they have no preferences
- To increase wealth for everyone
What does the science of economics primarily focus on?
What does the science of economics primarily focus on?
In economics, why is the knowledge of economics important for comparing alternatives?
In economics, why is the knowledge of economics important for comparing alternatives?
What is responsible for inducing people to make choices among alternatives according to the text?
What is responsible for inducing people to make choices among alternatives according to the text?
According to Adam Smith, what did he consider the science of economics to be?
According to Adam Smith, what did he consider the science of economics to be?
Why did Ruskin and Carlyle criticize economics as a 'dismal science' according to the text?
Why did Ruskin and Carlyle criticize economics as a 'dismal science' according to the text?
What did Alfred Marshall emphasize in his definition of economics?
What did Alfred Marshall emphasize in his definition of economics?
What distinction did Marshall make between material and immaterial things in his definition of economics?
What distinction did Marshall make between material and immaterial things in his definition of economics?
Why was Alfred Marshall criticized according to the text?
Why was Alfred Marshall criticized according to the text?
What did Adam Smith believe would lead individuals to promote the interests of society?
What did Adam Smith believe would lead individuals to promote the interests of society?
