Podcast
Questions and Answers
What is the best alternative use of a resource called?
What is the best alternative use of a resource called?
- Opportunity cost (correct)
- Trade-off
- Budget constraint
- Resource allocation
Which economic tool quantifies trade-offs?
Which economic tool quantifies trade-offs?
- Normative economics
- Opportunity cost
- Positive economics
- Budget constraints (correct)
In economics, what does the economist always consider when talking about choices people make?
In economics, what does the economist always consider when talking about choices people make?
- Budget constraints (correct)
- Normative economics
- Opportunity cost
- Resource allocation
Which term refers to the concept of giving up one thing to get something else?
Which term refers to the concept of giving up one thing to get something else?
Which type of economics focuses on facts and cause-and-effect relationships?
Which type of economics focuses on facts and cause-and-effect relationships?
What concept does the budget constraint provide information about?
What concept does the budget constraint provide information about?
What does the budget constraint equation indicate?
What does the budget constraint equation indicate?
In economics, what is defined as the study of how individuals and societies allocate scarce resources to satisfy unlimited wants?
In economics, what is defined as the study of how individuals and societies allocate scarce resources to satisfy unlimited wants?
What concept explains that spending more time on one activity means sacrificing time that could have been spent on another activity?
What concept explains that spending more time on one activity means sacrificing time that could have been spent on another activity?
Which type of economics focuses on analyzing what 'is' or 'was,' without making value judgments?
Which type of economics focuses on analyzing what 'is' or 'was,' without making value judgments?
If a person decides to allocate all 5 free hours to working at a part-time job, what principle does this decision reflect?
If a person decides to allocate all 5 free hours to working at a part-time job, what principle does this decision reflect?
Which economic principle is illustrated by the fact that spending extra time on one activity reduces the time available for another activity?
Which economic principle is illustrated by the fact that spending extra time on one activity reduces the time available for another activity?
What is the definition of scarcity according to the text?
What is the definition of scarcity according to the text?
How does society allocate scarce resources in a modern economy?
How does society allocate scarce resources in a modern economy?
What is the principle of resource allocation according to the text?
What is the principle of resource allocation according to the text?
What is the role of positive economics according to the text?
What is the role of positive economics according to the text?
What is the role of normative economics according to the text?
What is the role of normative economics according to the text?
How does the allocation of time determine the allocation of scarce resources?
How does the allocation of time determine the allocation of scarce resources?
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