Chapter 2: 10 nguyên lý Kinh tế học

What do the first four principles of economics address?

• How people make decisions.

• How the economy operates.

• How people interact with each other.

• All of the above are correct.

In economics, the cost of something is?

• The amount of money spent to acquire it

• What you have to give up to get it

• Always measurable in terms of the units of time sacrificed to obtain it

• Often cannot be quantified

What is a rational person?

• A person with ambition.

• A person with reasoning.

• A conservative person.

• Strives to do their best to achieve their goals systematically and purposefully.

When does a rational person decide to take action in front of each choice?

• Marginal benefit = Marginal cost.

• Marginal benefit < marginal cost

• Marginal cost is twice the marginal benefit

• Marginal benefit > marginal cost

What does a rational decision at the margin mean?

• Make decisions that do not incur marginal costs.

• Compare marginal benefits and marginal costs of each decision.

• Evaluate whether a decision can be easily changed if issues arise.

• Always calculate the marginal costs for each decision.

Rational people are very sensitive to incentive motives. So what is an incentive motive?

• Factors that urge people to act (punishment or reward)

• Factors that make people save more.

• Factors that make people consume more.

• All of the above are incorrect.

What do principles 5, 6, and 7 of Economics talk about?

• How people make decisions.

• How people interact with each other.

• How the economy operates.

• How the government intervenes in the economy.

Which of the following statements accurately describes trade?

• Trade can benefit all countries.

• Trade can benefit some countries more than others and harm some.

• Trade can only benefit a country more when the goods being exchanged are those that the country cannot produce itself.

• Trade benefits wealthy countries and harms poor countries.

In a market economy, who makes the decisions for most economic activities?

• Businesses.

• Households.

• Government.

• Businesses and households.

The theory of the "invisible hand" by Adam Smith refers to what content?

• The government should intervene in the economy to bring about equality.

• The government should intervene in the economy to achieve efficiency.

• Businesses and households should be allowed to interact freely in the market, which will help maximize social benefits.

• The government should use tax tools to intervene in the economy.