It doesn’t matter what topic you’re dealing with, whether it’s something you have a great interest in or something you find boring but thinks will come in handy, everybody starts in the same place when they take on a brand-new subject – chapter one! In the following quiz, we’ll be doing just that as we take a look at some chapter one questions with regards to the study of economics!
Irrational decisions
Unpredictable decisions
Decisions to make themselves as well off as possible
Decisions without thinking very hard
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Choices have consequences
There are always opportunity costs
Some resources and people can be better used producing one good rather than another
There is always some level of unemployment
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Scarcity and allocation
Prices and output
Production and costs
Inputs and outputs
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Not make more of any one good
Always make more of any good
Typically make more of a good but at the expense of making less of another
Always make more of all goods simultaneously
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Have fallen victim to the fallacy of scarcity
Be right
Have fallen victim to the fallacy of composition
Be mistaking correlation with causation
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Negative
Positive
Normative
Creative
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First slice
Last slice
Average slice
Total number of slices
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