Podcast
Questions and Answers
What is the most important characteristic of market-based economies?
What is the most important characteristic of market-based economies?
- Private property rights (correct)
- Efficient outcomes
- Individual consumers
- Limited resources
What is the term used in economics to describe the value of the best alternative not chosen?
What is the term used in economics to describe the value of the best alternative not chosen?
- Opportunity cost (correct)
- Explicit cost
- Implicit cost
- Incremental cost
Which type of cost is the money paid when a choice is made?
Which type of cost is the money paid when a choice is made?
- Implicit cost
- Incremental cost
- Explicit cost (correct)
- Opportunity cost
What is the total of explicit costs and implicit costs called?
What is the total of explicit costs and implicit costs called?
What do economists like to say every choice has?
What do economists like to say every choice has?
Which term is often used interchangeably with opportunity cost in economics classes?
Which term is often used interchangeably with opportunity cost in economics classes?
What is the basic assumption in Microeconomics about how people make choices?
What is the basic assumption in Microeconomics about how people make choices?
Which of the following is NOT considered a resource in economics?
Which of the following is NOT considered a resource in economics?
What is human capital?
What is human capital?
Which of the following is an example of physical capital?
Which of the following is an example of physical capital?
What is the role of an entrepreneur in the economy?
What is the role of an entrepreneur in the economy?
What is opportunity cost?
What is opportunity cost?
What are the three basic economic questions that every society must answer?
What are the three basic economic questions that every society must answer?
Which economic system relies on custom and culture to answer the basic economic questions?
Which economic system relies on custom and culture to answer the basic economic questions?
Which of the following is the best definition of scarcity?
Which of the following is the best definition of scarcity?
What is the main difference between scarcity and shortage?
What is the main difference between scarcity and shortage?
Which of the following is NOT one of the 3 productive resources?
Which of the following is NOT one of the 3 productive resources?
What is the term used to describe resources that come from nature?
What is the term used to describe resources that come from nature?
Which of the following is an example of labor as a resource?
Which of the following is an example of labor as a resource?
What is the relationship between scarcity and price?
What is the relationship between scarcity and price?
What is the main problem that scarcity poses for people?
What is the main problem that scarcity poses for people?
If the total benefit of going to the movies is larger than the total cost, what would a rational person do?
If the total benefit of going to the movies is larger than the total cost, what would a rational person do?
What is the term often used to refer to the satisfaction that comes from consuming a good or service for consumers?
What is the term often used to refer to the satisfaction that comes from consuming a good or service for consumers?
What is the term often used to refer to the money brought in by selling a good or service for businesses?
What is the term often used to refer to the money brought in by selling a good or service for businesses?
What does the Production Possibilities Curve (PPC) illustrate?
What does the Production Possibilities Curve (PPC) illustrate?
What does the opportunity cost on a PPC graph represent?
What does the opportunity cost on a PPC graph represent?
If an economy produces at point 2 instead of point 1 on a PPC graph, what is the opportunity cost of 6 additional units of consumer goods?
If an economy produces at point 2 instead of point 1 on a PPC graph, what is the opportunity cost of 6 additional units of consumer goods?
What is the term often used to refer to the satisfaction that comes from consuming a good or service for businesses?
What is the term often used to refer to the satisfaction that comes from consuming a good or service for businesses?
What is the term often used to refer to the money brought in by selling a good or service for consumers?
What is the term often used to refer to the money brought in by selling a good or service for consumers?
If the total cost of going to the movies is larger than the total benefit, what would a rational person do?
If the total cost of going to the movies is larger than the total benefit, what would a rational person do?
