Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing Schools Business

Features Pricing Schools Business

15 Questions

2 Views

The Power of Marginalism

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

According to marginalism, why is the price of diamonds higher than that of water?

Because diamonds have greater marginal physical productivity than water

Because diamonds have greater total utility than water

Because diamonds have greater marginal utility than water (correct)

Because diamonds have greater marginal rates of substitution than water

What is the central concept of marginalism?

Marginal rates of substitution

Marginal physical productivity

Marginal utility (correct)

Total utility

What role did marginal physical productivity play in the explanation of cost according to marginalists?

Complementary role

Primary role

No role

Secondary role (correct)

Which tradition emerged from British marginalism and gave marginal rates of substitution a more fundamental role in analysis?

Neoclassical tradition (A) Signup and view all the answers

Is marginalism an integral part of mainstream economic theory?

Yes (D) Signup and view all the answers

Which field of study focuses on the production, distribution, and consumption of goods and services?

Economics (D) Signup and view all the answers

What does microeconomics analyze?

The behavior of individual agents and markets (B) Signup and view all the answers

What does macroeconomics analyze?

The behavior of economic agents (A) Signup and view all the answers

What is the distinction between positive economics and normative economics?

Positive economics describes 'what is', while normative economics advocates 'what ought to be' (A) Signup and view all the answers

What is the distinction between economic theory and applied economics?

Economic theory focuses on theoretical concepts, while applied economics focuses on practical applications (C) Signup and view all the answers

Which social science studies the production, distribution, and consumption of goods and services?

Economics (C) Signup and view all the answers

What does microeconomics analyze?

The behavior of economic agents (B) Signup and view all the answers

What does macroeconomics analyze?

The economy as a system (B) Signup and view all the answers

What is the distinction between positive economics and normative economics?

Positive economics describes 'what is', while normative economics describes 'what ought to be' (B) Signup and view all the answers

What are the broad distinctions within economics?

All of the above (D) Signup and view all the answers

The Power of Marginalism

Choose a study mode

Podcast

Questions and Answers

According to marginalism, why is the price of diamonds higher than that of water?

What is the central concept of marginalism?

What role did marginal physical productivity play in the explanation of cost according to marginalists?

Which tradition emerged from British marginalism and gave marginal rates of substitution a more fundamental role in analysis?

Is marginalism an integral part of mainstream economic theory?

Which field of study focuses on the production, distribution, and consumption of goods and services?

What does microeconomics analyze?

What does macroeconomics analyze?

What is the distinction between positive economics and normative economics?

What is the distinction between economic theory and applied economics?

Which social science studies the production, distribution, and consumption of goods and services?

What does microeconomics analyze?

What does macroeconomics analyze?

What is the distinction between positive economics and normative economics?

What are the broad distinctions within economics?

More Like This

Marxist School of Thought Criticisms

Economia - Costi marginali e variabili

Economics: Utility and Demand Concepts

Economics Fundamental Concepts