Podcast
Questions and Answers
What represents the value of the next best alternative given up in a decision?
What represents the value of the next best alternative given up in a decision?
- Opportunity cost (correct)
- Marginal cost
- Economic profit
- Sunk cost
In a free market economy, who makes decisions on what goods and services to produce?
In a free market economy, who makes decisions on what goods and services to produce?
- Central planning committee
- Private firms and individuals (correct)
- Consumers
- Government
What is a key difference between the private and public sectors?
What is a key difference between the private and public sectors?
- Number of employees
- Type of goods produced
- Profit motive (correct)
- Level of government involvement
What is an example of an opportunity cost of attending university?
What is an example of an opportunity cost of attending university?
What is a characteristic of a planned economy?
What is a characteristic of a planned economy?
What is a fundamental economic problem?
What is a fundamental economic problem?
What is one of the key microeconomic objectives?
What is one of the key microeconomic objectives?
What is the term used to describe the benefit or benefits forgone by not selecting a particular alternative?
What is the term used to describe the benefit or benefits forgone by not selecting a particular alternative?
What are the three big microeconomic questions?
What are the three big microeconomic questions?
What is the term used to describe the basic economic problem of unlimited wants and limited resources?
What is the term used to describe the basic economic problem of unlimited wants and limited resources?
What are the factors of production?
What are the factors of production?
What is the branch of economics that studies the behavior and decision-making process of individual economic units such as households and firms?
What is the branch of economics that studies the behavior and decision-making process of individual economic units such as households and firms?
What is the primary focus of the social science of economics?
What is the primary focus of the social science of economics?
Which economist defined economics as 'an inquiry into the nature and causes of the wealth of nations'?
Which economist defined economics as 'an inquiry into the nature and causes of the wealth of nations'?
What is the underlying assumption that influences the choices individuals and societies make in economics?
What is the underlying assumption that influences the choices individuals and societies make in economics?
Which of the following is NOT a definition of economics?
Which of the following is NOT a definition of economics?
Who defined economics as a study of mankind in the ordinary business of life?
Who defined economics as a study of mankind in the ordinary business of life?
What is the primary difference between microeconomics and macroeconomics?
What is the primary difference between microeconomics and macroeconomics?
