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Economics Basics Quiz

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Questions and Answers

What is the main focus of positive economics?

Explaining how the economy actually works (correct)

Studying the economy's production, distribution, and consumption

Offering prescriptions on how the economy should work

Describing the economy as it should be

Which type of economy involves individual producers and consumers making decisions?

Command Economy

Traditional Economy

Mixed Economy

Market Economy (correct)

What is the main characteristic of a Command Economy?

Efficiency in allocation

Individuals make all economic decisions

Central authority makes decisions (correct)

Increased economic growth

What is the term for the study of marginal decisions?

Marginal Analysis Signup and view all the answers

What does the principle of 'opportunity cost' refer to?

What must be given up to get something Signup and view all the answers

In economics, what do incentives aim to do?

Reward people for changing their behavior Signup and view all the answers

What principle states that markets usually lead to efficiency?

Principle #8 Signup and view all the answers

'Reciprocal relationship between costs and benefits' implies that:

Avoiding a benefit leads to incurring a cost and vice versa Signup and view all the answers

'Gains from Trade' concept emphasizes that:

'Gains from Trade' allow people to get more of what they want through trade Signup and view all the answers

What is the main role of the Invisible Hand principle in economics?

To guide individuals towards making choices that benefit society as a whole Signup and view all the answers