Introduction to Economics

Introduction to Economics

Today we will check your understanding of the concepts you have been working on.

Multiple Choice

Your family has the choice to stay in Medellin at the weekend or go to a country house. Which of the following might be a cost of going to the country house?

• You can spend more time together as a family.

• Your cousin is having a birthday party in Medellin that you won't be able to go to.

• You can go for walks in the countryside with your dog.

Multiple Select

Select all the following items that are basic human needs.

• books

• water

• education

• transport

• food

Multiple Select

What is the correct definition of an incentive?

• a method used to prevent someone making a decision

• a method used to encourage someone to make a decision

Multiple Choice

If your teacher offers you a 5.0 for completing an activity, what are they offering you?

• utility

• incentive

• cost

• choice

Multiple Choice

Economics is

• the study of money and how it is used

• the study of how individuals and societies satisfy their unlimited wants with limited resources

• the way business influences the world

• the study of how things become scarce

Multiple Select

What is scarcity?

• a shortage of a resource

• the decision to do one activity and not another

• lack of basic resources

• when something we want is in short supply

Multiple Choice

It's late on Sunday night. You have to decide if you are going to stay up and finish your Spanish homework or if you are going to go to sleep. Which of the following is a motivation for doing your homework?

• You want to be fresh and full of energy tomorrow.

• You are worried that you might be getting sick.

• You share a room with your sister and she won't be able to sleep if you keep the light on.

• Your last assignment wasn't very good and the teacher gave you a 3.0.

Multiple Choice

In an economic context I use the word 'economize' to explain my choice to buy the cheapest laptop computer.

• True

• False

Multiple Select

Which of these is NOT a utility of going out for dinner with your family?

• You don't have to wash the dishes.

• You have to give the waiter a tip.

• You can spend some relaxing time with your family.