Econ 251 , ch-1

Question 12 pts

The economic way of thinking includes:

[removed]	concern with the biological make up of decision makers.
[removed]	the assumption that individuals choose to average out some objective.

[removed]	emphasis on how choices affect total values rather than marginal values.
[removed]	attention paid to the opportunity costs involved in any choice.

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Question 22 pts

Statements that are a hypothesis or statement of fact are:

[removed]	positive.
[removed]	pecuniary.

[removed]	normative.
[removed]	nominal.

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Question 32 pts

A free good is one that can be acquired without sacrifice.

[removed]	true
[removed]	false

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Question 42 pts

The "all other things unchanged" assumption is useful because it:

[removed]	helps to approximate real-world conditions.
[removed]	is a vehicle for determining whether a particular outcome is "good" or "bad.".

[removed]	states the main economic objectives.
[removed]	helps to restrict analysis to the effect of a single economic factor.

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Question 52 pts

The problem of determining what goods and services society should produce exists because:

[removed]	resources are plentiful.
[removed]	resources are scarce.

[removed]	most of our resources are socially rather than privately owned.
[removed]	most of our resources are privately rather than socially owned.

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Question 62 pts

A free good is different from a scarce good because it is:

[removed]	found only in nature.
[removed]	not tradable.

[removed]	not produced.
[removed]	not scarce.

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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.

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Question 82 pts

Unemployment and inflation are:

[removed]	unique only to capitalistic economies.
[removed]	not relevant in the U.S. economy today.

[removed]	very important in the study of microeconomics.
[removed]	major topics in macroeconomics.

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Question 92 pts

An answer to the question "How are goods produced?" determines:

[removed]	how tastes and preferences are determined.
[removed]	how resources are combined in the production of goods.

[removed]	who receives the goods that are produced.
[removed]	the types and quantities of goods and services produced.

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Question 102 pts

The BEST example of making a choice at the margin is:

[removed]	a coffee drinker drinking another cup of coffee.
[removed]	attending college.

[removed]	quitting your job.
[removed]	buying a new car.

11 years ago

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