Podcast
Questions and Answers
True or false: Economics is the study of how society manages its abundant resources.
True or false: Economics is the study of how society manages its abundant resources.
False
True or false: Scarcity means that society has limited resources and cannot produce all the goods and services people wish to have.
True or false: Scarcity means that society has limited resources and cannot produce all the goods and services people wish to have.
True
True or false: Principal 01 of economics states that people do not face trade-offs in decision making.
True or false: Principal 01 of economics states that people do not face trade-offs in decision making.
False
True or false: The cost of something is what you gain to get it.
True or false: The cost of something is what you gain to get it.
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True or false: Principal 03 of economics states that rational people do not think at the margin.
True or false: Principal 03 of economics states that rational people do not think at the margin.
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True or false: Principal 04 of economics states that people do not respond to incentives.
True or false: Principal 04 of economics states that people do not respond to incentives.
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True or false: Principal 05 of economics states that trade cannot make everyone better off.
True or false: Principal 05 of economics states that trade cannot make everyone better off.
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True or false: Principal 06 of economics states that markets are usually a bad way to organize economic activity.
True or false: Principal 06 of economics states that markets are usually a bad way to organize economic activity.
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True or false: Principal 07 of economics states that government can never improve market outcomes.
True or false: Principal 07 of economics states that government can never improve market outcomes.
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