Podcast
Questions and Answers
What is the significance of the term 'Economics' origin?
What is the significance of the term 'Economics' origin?
- It highlights the importance of unlimited wants.
- It emphasizes the necessity of scarcity in resource allocation.
- It symbolizes the idea of making choices to maximize satisfaction.
- It refers to the study of household management. (correct)
What role do prices play in a market?
What role do prices play in a market?
- Prices dictate the maximum satisfaction of unlimited human wants.
- Prices determine the allocation of scarce resources.
- Prices regulate the exchange of goods and services between buyers and sellers.
- Prices guide decisions on what and how much to buy and sell. (correct)
What concept did Adam Smith use to explain how self-interest can benefit society as a whole?
What concept did Adam Smith use to explain how self-interest can benefit society as a whole?
- Inconspicuous Hand
- Hidden Directive
- Invisible Balance (correct)
- Unseen Force
How did Adam Smith describe the role of individuals in promoting societal interests?
How did Adam Smith describe the role of individuals in promoting societal interests?
Which of the following is NOT an important component of Economics as mentioned in the text?
Which of the following is NOT an important component of Economics as mentioned in the text?
What is the primary focus of Economics as described in the text?
What is the primary focus of Economics as described in the text?
What does the spillover principle suggest?
What does the spillover principle suggest?
How does the Principle of Diminishing Returns affect output?
How does the Principle of Diminishing Returns affect output?
What is the significance of the marginal principle in decision-making?
What is the significance of the marginal principle in decision-making?
How does the principle of opportunity cost relate to decision-making?
How does the principle of opportunity cost relate to decision-making?
What is the difference between nominal value and real value, as per the text?
What is the difference between nominal value and real value, as per the text?
What does the spillover benefit refer to, based on the text?
What does the spillover benefit refer to, based on the text?
