CrashCourse Econ Basics

Which of the following is NOT considered a primary focus of economics?

• The study of people and choices.

• The study of money and getting rich.

• The study of how companies decide what to produce.

• The study of how governments make spending decisions.

What is Alfred Marshall's definition of economics?

• The study of money and how to get rich.

• The study of the stock market and market forecasting.

• A study of man and woman in the ordinary business of life, inquiring how they get and use income, and the study of wealth.

• The study of how governments manage recessions and debt.

So why is John Green not doing the Crash Course videos for Economics?

• The cost of doing these videos would prevent/stop him from doing something else

• He is in a major motion picture as the new Batman

• He actually a holgram and not programed to do new things

• He was never real in the first place

What is the definition of opportunity cost?

• The monetary value of all resources used in a decision.

• The value of the next best alternative that was not chosen.

• The total cost of producing a good or service.

• The benefit gained from making a particular choice.

What is the concept of scarcity in economics?

• The idea that people have unlimited wants but finite resources.

• The idea that all resources are infinite and readily available.

• The study of how to eliminate all costs in production.

• The belief that economic choices are always easy to make.

What economic principle necessitates choices between producing goods like weapons and consumer goods?

• Supply and demand

• Comparative advantage

• Scarcity

• Inflation

What was the initial financial incentive for public colleges and universities regarding student enrollment?

• Receiving state money for each student who completed a course.

• Receiving state money for each student who earned a degree.

• Receiving state money for each student they enrolled.

• Receiving state money based on student test scores.

What was the unintended consequence of the French colonial regime's rat bounty policy in Vietnam?

• The rat population was successfully eradicated.

• The rat population decreased slightly but remained a problem.

• The rat population increased due to rat catchers releasing tailless rats.

• The policy led to a new industry of rat farming.

Which branch of economics studies the economy as a whole, focusing on national output, unemployment, and inflation?

• Microeconomics

• Behavioral Economics

• Macroeconomics

• Econometrics

A Mircoeconomic questions deal which of the following...?

• Taxes for the Country of Canada

• Economic System of Mexico

• Smaller issues or those that affect one problem within an individual entity/company/etc....