Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is the 1st principle of economics? | People face trade-offs
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| What is the 2nd principle of economics? | The cost of something is what you give up to get it
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| What is the 3rd principle of economics? | Rational people think at the margin
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| What is the 4th principle of economics? | People respond to incentives
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| What is the 5th principle of economics? | Trade can make everyone better off
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| What is the 6th principle of economics? | Markets are usually a good way to organize economic activity
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| What is the 7th principle of economics? | Governments can sometimes improve market outcome
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| What is the 8th principle of economics? | A country's standard of living depends on its ability to produce goods and services
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| What is the 9th principle of economics? | Prices rise when the government prints too much money
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| What is the 10th principle of economics? | Society faces a short-run trade-off between inflation and unemployment
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| What do the first 4 principles of economics discuses? | How rational people make decisions and what costs are
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| What does the 5th, 6th, and 7th principle of economics discuses? | How people interact
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| What do the last 3 principles of economics discuses? | GDP, what happens when the Federal Reserve increases the money supply, and unemployment
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| What is an increase in the overall level of prices in the economy? | Inflation
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
beckster3000
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