Economics Essentials
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is NOT a primary idea in economics?

  • People make choices to attain their unlimited wants. (correct)
  • Optimal decisions are made at the margin.
  • People are rational.
  • People respond to economic incentives.

    • What is the definition of demand?

  • The institution or arrangement by which buyers and sellers come together to trade.
  • The number of units of a particular good or service that consumers are willing and able to buy at a given price. (correct)
  • The measurement of how much the quantity demanded of a good responds to a change in the price of that good.
  • The study of the choices people and societies make to attain their unlimited wants.

    • What is the primary focus of economics?

  • How people attain their unlimited wants given their scarce resources.
  • How people respond to economic incentives.
  • How people make choices and interact in markets. (correct)
  • How people make optimal decisions at the margin.

    • What is marginal analysis?

    <p>The analysis that involves comparing marginal benefits and marginal costs.</p> Signup and view all the answers

    What is a market?

    <p>The institution or arrangement by which buyers and sellers come together to trade.</p> Signup and view all the answers

    Which of the following best describes the concept of elasticity of demand?

    <p>The measurement of the responsiveness of quantity demanded to a change in price</p> Signup and view all the answers

    What are the determinants of elasticity of demand?

    <p>Price and quantity demanded</p> Signup and view all the answers

    What is the concept of marginal analysis in economics?

    <p>Comparing the additional benefits and additional costs of a decision</p> Signup and view all the answers

    What is the definition of a market in economics?

    <p>A group of buyers and sellers of a good or service</p> Signup and view all the answers

    What is the primary focus of economics?

    <p>Allocating resources efficiently</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser