Key Principles

Multiple Choice Questions

After watching the Key Principles video lecture, consider the question(s) below. Then “submit” your response.

Question

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Question

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Question

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Question

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Question

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Question

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Question

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True/False Questions

After watching the Key Principles video lecture, consider the question(s) below. Then “submit” your response.

Question

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Question

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Question

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Short Answer/Discussion Questions

After watching the Key Principles video lecture, consider the question(s) below. Then “submit” your response.

Question

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Suggested Solution:
a. Economics is concerned with making choices with limited resources.
b. While making decisions an individual should consider tradeoffs and opportunity costs.
c. Specialization leads to gains for all involved.
d. People respond to incentives, both good and bad.
e. Rational people think at the margin.
f. Markets are an efficient way to organize economic activity.
g. Institutions and human creativity help explain the wealth of nations. (Answers may vary, only four are necessary for a correct response)

Question

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Suggested solution: The opportunity cost of an action is the value of the next best option that is not selected as a result of the option that is selected. In assessing this value, the costs and benefits of the option should include all the benefits and costs of the action not selected, both financial and nonfinancial. (Answers may vary.)

Question

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Suggested solution: Wealthy countries tend to have strong educational systems and provide incentives for its citizens to work hard. These qualities along with a government free of corruption, a strong legal system, and a strong monetary system enable its citizens to create new or improved products and to benefit from inventions, now and in the future. (Answers may vary.)