1.1 - Individual Decision-Making
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Practice Questions
Test your understanding with targeted questions
Define scarcity.
💡 Hint: Think about resources and wants.
What does opportunity cost mean?
💡 Hint: Consider what you forego in making a decision.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What describes the law of demand?
💡 Hint: Recall the inverse relationship.
True or False: Opportunity cost always involves money.
💡 Hint: Consider examples beyond financial decisions.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Consider a scenario where a consumer must choose between two job offers. Offer A pays $60,000 with a 1-hour commute, while Offer B pays $50,000 with a 15-minute commute. Calculate the opportunity cost if the individual chooses Offer A, assuming they value their travel time at $20/hour.
💡 Hint: Consider the total time and monetary value related to your choice.
Analyze how a government subsidy for organic crops could impact the demand and supply of those products in the market. Explain the potential effects on equilibrium price and quantity.
💡 Hint: Think about how subsidies affect costs and thus production decisions.
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