The Seven Economic Principles Quiz

This principle reminds us that limited resources force people to make choices and they must give up something to get something.

• Costs Versus Benefits

• Thinking at the Margin

• Markets Coordinate Trade

• Scarcity Forces Trade-offs

• Incentives Matter

This principle tells us that most of the decisions we make each day involve choices about a little more or a little less of something rather than making a wholesale

change.

• Incentives Matter

• Future Consequences Count

• Costs Versus Benefits

• Trade Makes People Better Off

• Thinking at the Margin

You pay a hairdresser $40 to get a nice haircut. This demonstrates the___________principle

• Incentives Matter

• Markets Coordinate Trade

• Costs Versus Benefits

• Trade Makes People Better Off

• Thinking at the Margin

Deciding whether to go to the baseball game or a movie is an example of?

• the Incentives Matter Principle

• Scarcity Forces Trade-offs Principle

• Costs Versus Benefits Principle

• Trade Makes People Better Off Principle

• Thinking at the Margin Principle

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

• Future Consequences Count Principle

• Scarcity Forces Trade-offs Principle

• Costs Versus Benefits Principle

• Trade Makes People Better Off Principle

• Thinking at the Margin Principle

All that time at the gym is worth it. I'll look good this summer!

• Future Consequences Count Principle

• Trade Makes Us Better Off

• Costs Versus Benefits Principle

• Incentives Matter Principle

• Thinking at the Margin Principle

Should I go to college right out of high school spend thousands of dollars at a UC? Would it be worth it?

• Future Consequences Count Principle

• Trade Makes Us Better Off

• Costs Versus Benefits Principle

• Incentives Matter Principle

• Thinking at the Margin Principle

I want to sell my paintings. Maybe I'll post them on eBay.

• Future Consequences Count Principle

• Trade Makes Us Better Off Principle

• Costs Versus Benefits Principle

• Incentives Matter Principle

• Markets Coordinate Trade Principle

“The shoemaker does not attempt to make his own clothes, but employs a tailor.”

• Future Consequences Count Principle

• Trade Makes Us Better Off Principle

• Costs Versus Benefits Principle

• Incentives Matter Principle

• Markets Coordinate Trade Principle

You loved the film Endgame. You decided to buy a ticket to see it again immediately following your first viewing. You paid $12. Seeing it one more time follows which principle?

• Thinking at the Margin

• Scarcity Forces Trade-offs

• Costs Versus Benefits

• Incentives Matter

• Markets Coordinate Trade