According to economic reasoning, you should follow Nike's advice and "Just Do It" when:

the additional benefits are more than the additional costs

The basic postulate of economics states:

Incentives matter (humans respond to incentives)

There's no such thing as a free lunch means:

when a resource is used, it is unavailable elsewhere

When the price of a good/service goes up, how does this affect consumers?

Consumers will buy less of the good/service.

to all humans regardless of environment

Which of the following statements is true:

Humans desire for goods and services are unlimited and resources are scarce

The most basic task of economics is:

explain the forces that underlie human decision making

Individuals respond to:

positive and negative incentives

studbud

Economics Chapter 1

10 termsStudBud Administration1 play

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
According to economic reasoning, you should follow Nike's advice and "Just Do It" when:
the additional costs are the same as the additional benefits
the additional benefits are more than the additional costs
the total benefits are more than the total costs
the total costs are more than the total benefits
2
The basic postulate of economics states:
the value of an object is subjective
Incentives matter (humans respond to incentives)
Individuals only act out for selfish purposes
There's always money in the banana stand!
3
There's no such thing as a free lunch means:
if one person gains, another must lose
when a resource is used, it is unavailable elsewhere
there's always money in the banana stand!
each person must pay for exactly what he or she receives
4
When the price of a good/service goes up, how does this affect consumers?
Consumers will buy less of the good/service.
Consumers will sing and dance.
There's always money in the banana stand.
Producers will produce less.
5
Incentives matter:
to all humans regardless of environment
only in the private sector
only in a free market system
only when ppl are greedy and selfish
6
Which of the following statements is true:
Humans desire for goods and services are unlimited and resources are scarce
Resources and human desire for goods and services are both unlimited.
The human desire for goods and services is limited.
Resources are unlimited.
7
The most basic task of economics is:
report on key economic indicators like GDP and unemployment
predict the future movement of the stock market
explain the forces that underlie human decision making
explain the tax policies of the government
8
Which of the following are scarce:
clean air
time
all of the above
roller skates
9
Most of the basics of economics, which we have covered, are:
important to only economists
too complex to understand
reflective of common sense
very abstract
10
Individuals respond to:
positive incentives but not negative incentives
being called "dummy"
positive and negative incentives
negative incentives but not positive incentives

Economics Chapter 1 Flashcards | StudBud