Podcast
Questions and Answers
Resources are
Resources are
- scarce for households but plentiful for economies.
- plentiful for households but scarce for economies.
- scarce for households and scarce for economies. (correct)
- plentiful for households and plentiful for economies.
The overriding reason as to why households and societies face many decisions is that
The overriding reason as to why households and societies face many decisions is that
- resources are scarce. (correct)
- goods and services are not scarce.
- incomes fluctuate with business cycles.
- people, by nature, tend to disagree.
Economics is the study of
Economics is the study of
- production methods.
- how society manages its scarce resources. (correct)
- how households decide who performs which tasks.
- the interaction of business and government.
A tradeoff exists between a clean environment and a higher level of income in that
A tradeoff exists between a clean environment and a higher level of income in that
What you give up to obtain an item is called your
What you give up to obtain an item is called your
A furniture maker currently produces 100 tables per week and sells them for a profit. She is considering expanding her operation in order to make more tables. Should she expand?
A furniture maker currently produces 100 tables per week and sells them for a profit. She is considering expanding her operation in order to make more tables. Should she expand?
When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included?
When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included?
Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is
Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is
Rational people make decisions at the margin by
Rational people make decisions at the margin by
A marginal change is a
A marginal change is a
