Design a question paper consisting of five questions. Each question should test the conceptual clarity of the student answering your question paper. The questions can be about any... Design a question paper consisting of five questions. Each question should test the conceptual clarity of the student answering your question paper. The questions can be about any one of (or any combination of) the following principles: incentives matter, costs matter, trade matters, prices matter, externalities matter, time matters. Also write, in not more than 500 words at most, why you chose the questions that you did. Note that marks will be given for how conceptually challenging your questions are.
Understand the Problem
The question is asking to design a question paper with five questions on certain economic principles, and to explain in under 500 words why those questions were chosen, focusing on their conceptual challenge.
Answer
1. Incentives change behavior. 2. Costs affect decisions. 3. Trade shapes economies. 4. Prices allocate resources. 5. Externalities impact welfare.
- Explain how incentives can alter individual behavior in a market economy. 2. Discuss the importance of understanding costs in decision-making processes. 3. Analyze how trade affects global economic relationships. 4. Illustrate the role of prices in resource allocation. 5. Evaluate the impact of externalities on societal welfare.
Answer for screen readers
- Explain how incentives can alter individual behavior in a market economy. 2. Discuss the importance of understanding costs in decision-making processes. 3. Analyze how trade affects global economic relationships. 4. Illustrate the role of prices in resource allocation. 5. Evaluate the impact of externalities on societal welfare.
More Information
These questions are chosen to examine foundational economic concepts: incentives drive actions, costs influence decisions, trade builds economic ties, prices allocate resources, and externalities affect societal welfare. Each question encourages critical thinking about fundamental principles necessary for understanding economics.
Tips
Avoid focusing only on definitions. Explore real-world applications and implications.
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