Podcast
Questions and Answers
What was the name of the field of study that Economics was known as before the 19th century?
What was the name of the field of study that Economics was known as before the 19th century?
- Industrial Economics
- Public Finance
- Political Economy (correct)
- Business Economics
What is the title of the book written by Adam Smith that is considered the first modern work of Economics?
What is the title of the book written by Adam Smith that is considered the first modern work of Economics?
- The Theory of Moral Sentiments
- The Wealth of Nations (correct)
- The Principles of Political Economy
- An Inquiry into the Principles of Economics
What is the primary constraint that limits an individual's ability to satisfy all of their desires in the given scenario?
What is the primary constraint that limits an individual's ability to satisfy all of their desires in the given scenario?
- Unlimited budget
- Unlimited wants
- Limited resources (correct)
- Limited time
What is the economic concept that is being demonstrated in the scenario where the individual has to choose between different options with their `1000 gift?
What is the economic concept that is being demonstrated in the scenario where the individual has to choose between different options with their `1000 gift?
What is the branch of economics that focuses on individual economic units, such as households and firms, and their decision-making processes?
What is the branch of economics that focuses on individual economic units, such as households and firms, and their decision-making processes?
What is the underlying assumption of the Rational Choice Theory that is being demonstrated in the scenario?
What is the underlying assumption of the Rational Choice Theory that is being demonstrated in the scenario?
What is a primary concern of economics, in addition to allocating resources?
What is a primary concern of economics, in addition to allocating resources?
What is the primary goal of the study of economics?
What is the primary goal of the study of economics?
What is the role of economic tools in decision making?
What is the role of economic tools in decision making?
What is a characteristic of economic issues addressed in the study of economics?
What is a characteristic of economic issues addressed in the study of economics?
What is a factor that has led to fluctuations in the rate of resource utilization in the past?
What is a factor that has led to fluctuations in the rate of resource utilization in the past?
What is a benefit of developing an analytical approach to economic issues?
What is a benefit of developing an analytical approach to economic issues?
What is a characteristic of most economic problems?
What is a characteristic of most economic problems?
What is the primary benefit of studying economics?
What is the primary benefit of studying economics?
What is the context in which Mr. Ramamurthy is considering expanding his business?
What is the context in which Mr. Ramamurthy is considering expanding his business?
What is implied by Mr. Swaminathan's response to Mr. Ramamurthy's proposal?
What is implied by Mr. Swaminathan's response to Mr. Ramamurthy's proposal?
What is the significance of the scarcity of resources in economics?
What is the significance of the scarcity of resources in economics?
What is the relationship between economics and business economics?
What is the relationship between economics and business economics?
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