Podcast
Questions and Answers
Which of the following is NOT a factor of production according to the text?
Which of the following is NOT a factor of production according to the text?
- Entrepreneurial Ability
- Land
- Money (correct)
- Labor
In economics, what is the difference between positive and normative economics?
In economics, what is the difference between positive and normative economics?
- Positive economics deals with past economic events, while normative economics deals with future economic events.
- Positive economics deals with subjective perspectives of the economy, while normative economics deals with economic facts.
- Positive economics deals with economic facts, while normative economics deals with subjective perspectives of the economy. (correct)
- Positive economics deals with future economic events, while normative economics deals with past economic events.
What is the budget line in economics?
What is the budget line in economics?
- The line that shows the maximum amount of a good that can be imported/exported with limited trade.
- The line that shows the maximum amount of a good that can be produced with limited resources.
- The line that shows the maximum amount of a good that can be consumed with limited income. (correct)
- The line that shows the maximum amount of a good that can be distributed with limited demand.
What is the fallacy of composition?
What is the fallacy of composition?
What is the post hoc fallacy?
What is the post hoc fallacy?
What is loaded language?
What is loaded language?
Which of the following is a key assumption in economics?
Which of the following is a key assumption in economics?
What is the primary concern of economics?
What is the primary concern of economics?
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
What is the term used to describe the assumption that all other relevant factors remain unchanged when analyzing the effect of a specific change in a particular variable in economics?
What is the term used to describe the assumption that all other relevant factors remain unchanged when analyzing the effect of a specific change in a particular variable in economics?
What term is used to describe a statement or proposition that seems self-contradictory or absurd but in reality expresses a possible truth in economics?
What term is used to describe a statement or proposition that seems self-contradictory or absurd but in reality expresses a possible truth in economics?
What is the term used to describe the graphical representation of the relationship between two variables, with one variable on the x-axis and the other variable on the y-axis in economics?
What is the term used to describe the graphical representation of the relationship between two variables, with one variable on the x-axis and the other variable on the y-axis in economics?
What is the term used to describe the concept where individuals must choose between different options because resources are limited in economics?
What is the term used to describe the concept where individuals must choose between different options because resources are limited in economics?
What is the term used to describe the set of all possible combinations of goods and services that an individual can purchase with a limited income in economics?
What is the term used to describe the set of all possible combinations of goods and services that an individual can purchase with a limited income in economics?
What is the term used to describe the concept where individuals must give up some of one good or service to obtain more of another good or service in economics?
What is the term used to describe the concept where individuals must give up some of one good or service to obtain more of another good or service in economics?
