Podcast
Questions and Answers
When a university chooses to expand its football stadium instead of its baseball stadium, it faces which type of tradeoff?
When a university chooses to expand its football stadium instead of its baseball stadium, it faces which type of tradeoff?
- "for whom" tradeoff
- "what" tradeoff (correct)
- "how" tradeoff
- "why" tradeoff
The concept of scarcity implies that every choice involves which of the following?
The concept of scarcity implies that every choice involves which of the following?
- The question "what"
- Giving up something for nothing
- Money
- An opportunity cost (correct)
In the context of economics, scarcity applies to which of the following?
In the context of economics, scarcity applies to which of the following?
- Neither time nor money
- Money but not time
- Time but not money
- Both money and time (correct)
What is the opportunity cost of an option you decide to pursue?
What is the opportunity cost of an option you decide to pursue?
Entrepreneurs are known to do all of the following EXCEPT:
Entrepreneurs are known to do all of the following EXCEPT:
If a photographer opts for a digital camera over a film camera, what type of tradeoff is being considered?
If a photographer opts for a digital camera over a film camera, what type of tradeoff is being considered?
When a government allocates resources to build a dam instead of a highway, this demonstrates which concept?
When a government allocates resources to build a dam instead of a highway, this demonstrates which concept?
When deciding to attend summer school, which of the following best represents the opportunity cost of this decision?
When deciding to attend summer school, which of the following best represents the opportunity cost of this decision?
What is the primary reason firms engage in production?
What is the primary reason firms engage in production?
The process of using resources to produce new capital is known as what?
The process of using resources to produce new capital is known as what?
Which of the following is an example of an investment?
Which of the following is an example of an investment?
Which scenario demonstrates an act of production as defined in economics?
Which scenario demonstrates an act of production as defined in economics?
What characterizes the optimal production method?
What characterizes the optimal production method?
How are costs of production determined?
How are costs of production determined?
What does total revenue minus total cost yield?
What does total revenue minus total cost yield?
If Total Cost is P350,000 and Total Fixed Cost is P250,000, what are the total variable costs?
If Total Cost is P350,000 and Total Fixed Cost is P250,000, what are the total variable costs?
What is the total fixed cost for Farley Farm?
What is the total fixed cost for Farley Farm?
What significant event happened in 2004 related to Facebook's creation?
What significant event happened in 2004 related to Facebook's creation?
According to Alfred Marshall, how is Economics defined?
According to Alfred Marshall, how is Economics defined?
What could happen if the three founders of Facebook had opted to complete their degrees instead of pursuing the business?
What could happen if the three founders of Facebook had opted to complete their degrees instead of pursuing the business?
What has contributed to Facebook's status as a leading social media platform?
What has contributed to Facebook's status as a leading social media platform?
Which of the following best describes the nature of Economics?
Which of the following best describes the nature of Economics?
What might be a reason for declining Mark Zuckerberg's invitation in 2004?
What might be a reason for declining Mark Zuckerberg's invitation in 2004?
What aspect of microeconomics does the content emphasize?
What aspect of microeconomics does the content emphasize?
What is an opportunity cost in the context of the CEO's decision to invest in a new inventory and data analytics system?
What is an opportunity cost in the context of the CEO's decision to invest in a new inventory and data analytics system?
If the bank employee chooses to attend the football match instead of working, which represents their opportunity cost?
If the bank employee chooses to attend the football match instead of working, which represents their opportunity cost?
Which of the following best describes the decision-making scenario faced by the bank employee?
Which of the following best describes the decision-making scenario faced by the bank employee?
What might be a potential benefit of the CEO deciding to invest in the new system?
What might be a potential benefit of the CEO deciding to invest in the new system?
In terms of economic decision-making, what does the CEO's investment decision illustrate?
In terms of economic decision-making, what does the CEO's investment decision illustrate?
Which outcome could potentially result from the bank employee deciding to go in to help their boss?
Which outcome could potentially result from the bank employee deciding to go in to help their boss?
How does the concept of scarcity relate to the decisions made by both the CEO and the bank employee?
How does the concept of scarcity relate to the decisions made by both the CEO and the bank employee?
What element should the bank employee consider when evaluating the trade-off of their decision?
What element should the bank employee consider when evaluating the trade-off of their decision?
What does the law of demand state about the relationship between price and quantity demanded?
What does the law of demand state about the relationship between price and quantity demanded?
How does a demand schedule present information?
How does a demand schedule present information?
What is the implication of a downward-sloping demand curve?
What is the implication of a downward-sloping demand curve?
What might cause an increase in demand for rice during the Christmas season?
What might cause an increase in demand for rice during the Christmas season?
Which element does NOT directly influence the quantity demanded according to the law of demand?
Which element does NOT directly influence the quantity demanded according to the law of demand?
If the price of rice is set at $50 per kilo, how many kilos would typically be demanded based on the demand schedule?
If the price of rice is set at $50 per kilo, how many kilos would typically be demanded based on the demand schedule?
What does an increase in price generally lead to regarding consumer purchasing behavior?
What does an increase in price generally lead to regarding consumer purchasing behavior?
What effect would a stable price of rice have on demand if consumer preferences suddenly shift in favor of rice?
What effect would a stable price of rice have on demand if consumer preferences suddenly shift in favor of rice?
Study Notes
Economics
- Economics is the study of how people make choices when faced with scarcity.
Law of Demand
- The Law of Demand: when prices go up, people buy less. When prices go down, people buy more.
Demand Schedule
- The demand schedule shows the quantity of a product demanded at any given price.
Demand Curve
- The demand curve is a graphical representation of the demand schedule.
- It shows the relationship between price and quantity demanded.
- The normal demand curve slopes downwards from left to right.
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Description
Test your understanding of fundamental economic principles such as the Law of Demand and the Demand Curve. This quiz explores how price changes affect consumer behavior and the graphical representation of demand schedules. Challenge yourself and deepen your knowledge of economics!
