Crash Course: Into to Economics Quiz

What is the main focus of economics?

• The study of people and choices

• The study of money and getting rich

• The study of stock market

• The study of forecasting in markets

According to Alfred Marshall, what does economics inquire about?

• How to use income

• How to spend income

• How to save income

• How to get income

What does the concept of scarcity imply?

• People have limited wants and unlimited resources

• People have limited wants and limited resources

• People have unlimited wants and limited resources

• People have unlimited resources

What is the opportunity cost of watching a video?

• The value of the video being watched

• The time spent watching the video

• The benefit of the video being watched

• The cost of the video being watched

What is the role of politics in economics?

• To ignore economic theory

• To guide public policy using economic theory

• To show only one side of the argument

• To push a political agenda

What is the difference between macroeconomics and microeconomics?

• Macroeconomics studies the economy as a whole, while microeconomics studies individual choices

• Macroeconomics focuses on the future, while microeconomics focuses on the present

• Macroeconomics studies individual choices, while microeconomics studies the economy as a whole

• Macroeconomics focuses on the present, while microeconomics focuses on the future

What does the concept of incentives emphasize in economics?

• The importance of making decisions without considering costs

• The importance of ignoring the impact of policies

• The importance of spending more money

• The importance of getting the incentives right for policies to work

What backfired in the example of the bounty on rats issued by the colonial regime in Vietnam?

• The rat population became extinct

• The rat population remained the same

• The rat population decreased

• The rat population increased

What is the law of demand in economics?

• As the price of a good increases, the quantity demanded decreases

• As the price of a good decreases, the quantity demanded decreases

• As the price of a good increases, the quantity demanded increases

• As the price of a good decreases, the quantity demanded increases

What is the concept of elasticity in economics?

• The measure of how much buyers and sellers respond to changes in market conditions

• The measure of how much buyers and sellers resist changes in market conditions

• The measure of how much buyers and sellers create changes in market conditions

• The measure of how much buyers and sellers ignore changes in market conditions