Podcast
Questions and Answers
What does economics study?
What does economics study?
- The process of selling computers in the 1970s and 80s
- The choices people make to attain their goals with limited resources (correct)
- The history of computer manufacturing in the United States
- The design and assembly of products like the iPhone
Which term refers to a situation in which unlimited wants exceed limited resources?
Which term refers to a situation in which unlimited wants exceed limited resources?
- Abundance
- Scarcity (correct)
- Excess
- Surplus
What are economic models used for?
What are economic models used for?
- To predict future sales of electronic devices
- To analyze real-world economic situations (correct)
- To design new products like the iPhone
- To analyze historical manufacturing techniques
Where are most iPhones assembled?
Where are most iPhones assembled?
Why do people make choices according to the text?
Why do people make choices according to the text?
What does it mean when economists assume that people are rational?
What does it mean when economists assume that people are rational?
What was the initial location of Apple's computer manufacturing in the 1970s and 80s?
What was the initial location of Apple's computer manufacturing in the 1970s and 80s?
What do economists generally assume about people's response to economic incentives?
What do economists generally assume about people's response to economic incentives?
In what way did the introduction of DNA submission requirement for convicted felons demonstrate people's response to economic incentives?
In what way did the introduction of DNA submission requirement for convicted felons demonstrate people's response to economic incentives?
What is the potential effect of a Congressional bill proposing to tax firms an amount equal to the government assistance received by their workers?
What is the potential effect of a Congressional bill proposing to tax firms an amount equal to the government assistance received by their workers?
What is a key characteristic of a market according to the text?
What is a key characteristic of a market according to the text?
Why do firms engage in international trade according to the text?
Why do firms engage in international trade according to the text?
What does it mean when economists say optimal decisions are made at the margin?
What does it mean when economists say optimal decisions are made at the margin?
What is a characteristic of economic agents interacting with each other in markets?
What is a characteristic of economic agents interacting with each other in markets?
Why do some firms keep their workers' wages low according to the text?
Why do some firms keep their workers' wages low according to the text?
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