Podcast
Questions and Answers
What is the primary focus of the study of economics?
What is the primary focus of the study of economics?
- Analyzing the economic condition of a geographical area
- Allocating unlimited resources to fulfill desired ends
- Navigating tradeoffs to deploy limited means towards desired ends (correct)
- Optimizing the distribution of goods and services in a country
Who is credited with the development of macroeconomics as a separate branch of economics?
Who is credited with the development of macroeconomics as a separate branch of economics?
- Karl Marx
- John Maynard Keynes (correct)
- Lionel Robbins
- Adam Smith
What is the term used to describe the economic condition, status, and activities of a geographical area or country?
What is the term used to describe the economic condition, status, and activities of a geographical area or country?
- Economy (correct)
- Microeconomics
- Economics
- Macroeconomics
What is the primary concern of the classical tradition in economics?
What is the primary concern of the classical tradition in economics?
What is the year in which Lionel Robbins published his essay on the nature and significance of economic science?
What is the year in which Lionel Robbins published his essay on the nature and significance of economic science?
What is the term used to describe the study of how humans make decisions about resource allocation?
What is the term used to describe the study of how humans make decisions about resource allocation?
What is the primary function of the tertiary sector?
What is the primary function of the tertiary sector?
Which of the following industries is typically associated with the secondary sector?
Which of the following industries is typically associated with the secondary sector?
What is another term for the quaternary sector?
What is another term for the quaternary sector?
Which of the following activities is typically associated with the quinary sector?
Which of the following activities is typically associated with the quinary sector?
What is an example of an industry that is part of the primary sector?
What is an example of an industry that is part of the primary sector?
Which of the following sectors includes activities such as culture, libraries, and scientific research?
Which of the following sectors includes activities such as culture, libraries, and scientific research?
What is the main purpose of government intervention in the economy according to Keynesian economists?
What is the main purpose of government intervention in the economy according to Keynesian economists?
What does the term 'animal spirits' refer to in the context of economics?
What does the term 'animal spirits' refer to in the context of economics?
According to Keynes, what is the primary basis for investment and consumption decisions?
According to Keynes, what is the primary basis for investment and consumption decisions?
What is the primary characteristic of Economic Goods?
What is the primary characteristic of Economic Goods?
Which of the following is a criticism of the concept of 'animal spirits'?
Which of the following is a criticism of the concept of 'animal spirits'?
What is the primary focus of macroeconomics?
What is the primary focus of macroeconomics?
What is the purpose of Producer Goods?
What is the purpose of Producer Goods?
What is the main difference between Public Goods and other types of goods?
What is the main difference between Public Goods and other types of goods?
Which of the following statements about macroeconomics is correct?
Which of the following statements about macroeconomics is correct?
What is the definition of Consumer Goods?
What is the definition of Consumer Goods?
What is the characteristic of Free Goods?
What is the characteristic of Free Goods?
What is the definition of Capital Goods?
What is the definition of Capital Goods?
What happens to the demand of inferior goods when the income of consumers increases?
What happens to the demand of inferior goods when the income of consumers increases?
What is the nature of the relationship between the price of one good and the demand of its substitute good?
What is the nature of the relationship between the price of one good and the demand of its substitute good?
Which of the following pairs of goods are complementary goods?
Which of the following pairs of goods are complementary goods?
What is the term for a commodity that is used by the consumer to satisfy current wants or needs?
What is the term for a commodity that is used by the consumer to satisfy current wants or needs?
What is the characteristic of normal goods?
What is the characteristic of normal goods?
