Econ 251 quiz 1

Question 12 pts

An example of a positive statement is:

[removed]	Everyone in the country needs to be covered by national health insurance.
[removed]	an increase in investment spending tends to reduce unemployment..

[removed]	The rate of unemployment should be 4 percent.
[removed]	A high rate of economic growth is good for the country.

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Question 22 pts

The scientific method is more difficult for economists than, say, chemists, because:

[removed]	economic conditions may change quickly and unexpectedly.
[removed]	all of the above.

[removed]	controlled laboratory conditions are more problematic in economics.
[removed]	it is difficult to hold other factors that may affect the variables being studied constant in economics.

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Question 32 pts

Economists concerned about economy-wide trends in the unemployment of labor, the rate of inflation, and the level of economic production are studying:

[removed]	macroeconomics.
[removed]	the "trees" of economic behavior, rather than the "forest."

[removed]	specific units or parts of the economy.
[removed]	microeconomics.

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Question 42 pts

The questions of what goods to produce, how to produce them, and for whom to produce them are of concern only in advanced industrial economies.

[removed]	false
[removed]	true

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Question 52 pts

Positive statements can be tested for being true but they can't be proven false.

[removed]	true
[removed]	false

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Question 62 pts

A feature that distinguishes economists' approach to making choices is (are):

[removed]	assuming individuals make choices to maximize objectives.
[removed]	emphasizing that choices are made at the margin.

[removed]	assigning opportunity costs a major role in their analyses of choices.
[removed]	all of the above.

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Question 72 pts

When we are forced to make choices we are facing the concept of:

[removed]	free goods.
[removed]	the margin.

[removed]	ceteris paribus.
[removed]	scarcity.

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Question 82 pts

Define positive and normative statements and give four examples of each.

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Question 92 pts

The Case in Point on the oil extraction suggests that one reason oil may become more costly is that :

[removed]	oil producers are likely to become more greedy in the future.
[removed]	actually, the Case suggests that oil extraction is likely to become less costly and the future.

[removed]	we will have to give up more and more valuable alternatives to extract oil.
[removed]	speculation is likely to drive up oil prices.

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Question 102 pts

The concept of the margin deals with:

[removed]

making incremental choices.

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