Podcast
Questions and Answers
What is the fundamental idea behind the principle 'There ain't no such thing as a free lunch'?
What is the fundamental idea behind the principle 'There ain't no such thing as a free lunch'?
- That free things are always available
- That money is the only thing that matters
- That everything has an opportunity cost (correct)
- That we can have everything we want
What is the primary problem that society faces?
What is the primary problem that society faces?
- Unlimited resources
- No resources at all
- Scarcity of resources (correct)
- Abundance of resources
What is the concept that is illustrated by the example of a student deciding how to allocate time?
What is the concept that is illustrated by the example of a student deciding how to allocate time?
- Economic growth
- Opportunity cost
- Trade-off
- Rational choice theory (correct)
What is the trade-off faced by society in terms of national defense and consumer goods?
What is the trade-off faced by society in terms of national defense and consumer goods?
What is the concept that is illustrated by the example of parents deciding how to allocate their income?
What is the concept that is illustrated by the example of parents deciding how to allocate their income?
What is the principle that states that people face trade-offs?
What is the principle that states that people face trade-offs?
What is the relationship between inflation and unemployment, according to Principle 10?
What is the relationship between inflation and unemployment, according to Principle 10?
What is the opportunity cost of studying for one more hour?
What is the opportunity cost of studying for one more hour?
What is the concept that is illustrated by the example of society facing a trade-off between a clean environment and a high level of income?
What is the concept that is illustrated by the example of society facing a trade-off between a clean environment and a high level of income?
What is the concept that is illustrated by the example of a student deciding how to allocate time between studying and watching TV?
What is the concept that is illustrated by the example of a student deciding how to allocate time between studying and watching TV?
