Podcast
Questions and Answers
What is the reward for the use of capital?
What is the reward for the use of capital?
- Interest (correct)
- Savings
- Exchange
- Depreciation
In a traditional economy, who primarily owns and produces goods?
In a traditional economy, who primarily owns and produces goods?
- Firms
- Government
- State
- Households (correct)
What does opportunity cost refer to?
What does opportunity cost refer to?
- The value of what is given up (correct)
- The value of savings
- The value of the next best alternative
- The value of current consumption
Which factor of production refers to the reduction of productivity of capital?
Which factor of production refers to the reduction of productivity of capital?
What is a key characteristic of a market economy or capitalism?
What is a key characteristic of a market economy or capitalism?
Which economic system involves a mix of market and command systems?
Which economic system involves a mix of market and command systems?
What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
Which theory in microeconomics involves consumers aiming to maximize happiness by choosing a mix of goods within their budget?
Which theory in microeconomics involves consumers aiming to maximize happiness by choosing a mix of goods within their budget?
What is the goal of producers in the production theory of microeconomics?
What is the goal of producers in the production theory of microeconomics?
Which type of microeconomics deals with describing economic phenomena without opinions, focusing on facts and objective analysis?
Which type of microeconomics deals with describing economic phenomena without opinions, focusing on facts and objective analysis?
In perfect competition, what aligns to establish economic equilibrium?
In perfect competition, what aligns to establish economic equilibrium?
Which branch of economics involves subjective judgments and opinions about how things should be or what ought to happen in the economy?
Which branch of economics involves subjective judgments and opinions about how things should be or what ought to happen in the economy?
What is economics primarily concerned with?
What is economics primarily concerned with?
Who is considered the 'Father of Economics'?
Who is considered the 'Father of Economics'?
What does the term 'Wealth' refer to in economics?
What does the term 'Wealth' refer to in economics?
Which of the following is NOT one of the 3 Es in economics?
Which of the following is NOT one of the 3 Es in economics?
What does the term 'Consumption' refer to in economics?
What does the term 'Consumption' refer to in economics?
What are the four basic economic questions that need to be addressed?
What are the four basic economic questions that need to be addressed?
What does macroeconomics study?
What does macroeconomics study?
How is national output related to income?
How is national output related to income?
What measures unemployment?
What measures unemployment?
What is deflation?
What is deflation?
Which sector does macroeconomics NOT focus on?
Which sector does macroeconomics NOT focus on?
What do macroeconomic policies aim to achieve?
What do macroeconomic policies aim to achieve?
What is the main function of monetary policy?
What is the main function of monetary policy?
Why does the demand curve generally slope downwards?
Why does the demand curve generally slope downwards?
What does the Y-axis represent on a demand curve graph?
What does the Y-axis represent on a demand curve graph?
What is the purpose of a demand schedule?
What is the purpose of a demand schedule?
Which factor does NOT influence demand according to the text?
Which factor does NOT influence demand according to the text?
What does the law of demand state?
What does the law of demand state?
