Question 12 pts
The economic way of thinking includes:
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concern with the biological make up of decision makers. |
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the assumption that individuals choose to average out some objective. |
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emphasis on how choices affect total values rather than marginal values. |
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attention paid to the opportunity costs involved in any choice. |
Question 22 pts
Statements that are a hypothesis or statement of fact are:
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positive. |
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pecuniary. |
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normative. |
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nominal. |
Question 32 pts
A free good is one that can be acquired without sacrifice.
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true |
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false |
Question 42 pts
The “all other things unchanged” assumption is useful because it:
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helps to approximate real-world conditions. |
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is a vehicle for determining whether a particular outcome is “good” or “bad.”. |
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states the main economic objectives. |
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helps to restrict analysis to the effect of a single economic factor. |
Question 52 pts
The problem of determining what goods and services society should produce exists because:
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resources are plentiful. |
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resources are scarce. |
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most of our resources are socially rather than privately owned. |
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most of our resources are privately rather than socially owned. |
Question 62 pts
A free good is different from a scarce good because it is:
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found only in nature. |
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not tradable. |
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not produced. |
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not scarce. |
Question 72 pts
“Since economics is a science, economists must not become involved in making any value judgments in their formulation of policy.” Do you agree with this statement? Explain.
Question 82 pts
Unemployment and inflation are:
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unique only to capitalistic economies. |
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not relevant in the U.S. economy today. |
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very important in the study of microeconomics. |
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major topics in macroeconomics. |
Question 92 pts
An answer to the question “How are goods produced?” determines:
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how tastes and preferences are determined. |
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how resources are combined in the production of goods. |
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who receives the goods that are produced. |
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the types and quantities of goods and services produced. |
Question 102 pts
The BEST example of making a choice at the margin is:
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a coffee drinker drinking another cup of coffee. |
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attending college. |
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quitting your job. |
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buying a new car. |
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