Questions Regarding (1.a) What is economics?
Article available at: http://seedsppp.blogspot.com/2013/08/1a-what-is-economics.html
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Indicate whether each statement below is True or False.
All questions refer to the material in the article (1.a) What is economics, available at: http://seedsppp.blogspot.com/2013/08/1a-what-is-economics.html
1. True or False? Economics is the study of how people interact with strangers and acquaintances to create wealth.
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2. True or False? Economics is particularly concerned with making what is in the self-interest of the person also in the interest of society.
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3. True or False? In the modern world of agriculture, the Agricultural Revolution and the Industrial Revolution are now combined such that ag could be considered an industry.
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4. True or False? If economics could be described in one picture (according to Dr. Norwood), it would be the picture of North and South Korea at night because that picture illustrates the difference between communist dictatorship in North Korea and a market-oriented democracy like South Korea.
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5. True or False? The recent famines that have occurred in the last 200 years in the Soviet Union, China, Cambodia, Ethiopia, and North Korea were the result of bad government, not natural disasters such as droughts and floods.
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6. True or False? Surprisingly, in 2010 Russia had a higher GDP per capita than the U.S.
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7. True or False? In the last 110 years, as the world population has grown larger and larger, it has strained natural resources and caused the price of agricultural commodities to rise.
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8. True or False? The video from The Onion suggests that people want almost every good thing they can imagine, but they want to work for those goods, not just receive them for free.
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9. True or False? The Agricultural Revolution occurred before 5,000 BC.
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10. True or False? Due to the low cost of barley and hops in India, it requires less minutes of work in India to buy 500 ml of beer than in the U.S.
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