Podcast
Questions and Answers
According to marginalism, why is the price of diamonds higher than that of water?
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?
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?
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?
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?
Is marginalism an integral part of mainstream economic theory?
Which field of study focuses on the production, distribution, and consumption of goods and services?
Which field of study focuses on the production, distribution, and consumption of goods and services?
What does microeconomics analyze?
What does microeconomics analyze?
What does macroeconomics analyze?
What does macroeconomics analyze?
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
What is the distinction between economic theory and applied economics?
What is the distinction between economic theory and applied economics?
Which social science studies the production, distribution, and consumption of goods and services?
Which social science studies the production, distribution, and consumption of goods and services?
What does microeconomics analyze?
What does microeconomics analyze?
What does macroeconomics analyze?
What does macroeconomics analyze?
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
What are the broad distinctions within economics?
What are the broad distinctions within economics?
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