Understanding Economics with Crash Course

Who are the hosts of the Crash Course Economics series?

• Statler and Waldorf

• Prof. Bunsen Honeydew and Beaker

• John Green and Hank Green

• Jacob Clifford and Adriene Hill

What is NOT a focus of economics?

• Study of choices and people

• Forecasting market outcomes

• None of the above

• Study of money

What does the concept of 'opportunity cost' refer to?

• Cost of purchasing opportunities

• Cost of the next best alternative

• Cost of economic studies

• Cost of missing out on investments

According to the video, what is a major assumption in economics regarding resources?

• Resources are unlimited

• All resources are renewable

• People have limited wants

• Resources are limited

What example is used to illustrate the concept of scarcity in the video?

• Choosing between smartphones or tablets

• Deciding on military spending

• Studying economics or another subject

• Buying a car or a bike

How can incentives impact university policies according to the video?

• Incentives can lead to higher enrollment without improving education quality

• Incentives always improve the quality of education

• Incentives reduce the cost of education for students

• Incentives have no real impact on university policies

What is the difference between macroeconomics and microeconomics as explained in the video?

• Macroeconomics focuses on national economy, microeconomics on individual behaviors

• There is no significant difference between the two

• Microeconomics is theoretical, macroeconomics is practical

• Macroeconomics deals with individual markets, microeconomics with the overall economy

What was the unintended consequence of the rat bounty in Vietnam?

• No change in rat population

• Increase in rat population

• Decrease in rat population

• Extinction of a rat species