A) using a simple rule of thumb to choose among a subset of easiest-to-evaluate options.
B) using the ceteris paribus assumption to assist in simplifying and examining each of the possible options.
C) utilizing readily available empirical evidence to assist in evaluating every option.
D) assessing every available choice by developing sophisticated theories regarding each option.
F) A) and C)
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A) is a positive economic statement because it simply describes one person's opinion.
B) is a normative economic statement because it involves a value judgment about an economic policy.
C) is a positive economic statement because it predicts that my tax dollars will go to welfare.
D) is a normative economic statement because it is a scientific fact.
F) A) and C)
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A) always gives an optimistic spin to economic news.
B) is concerned with the economic policies that should be implemented.
C) is objective.
D) was not used by nineteenth century economists.
F) A) and B)
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A) Free market
B) Price system
C) Command and control
D) Mixed economic system
F) None of the above
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A) Economics is a social science.
B) Economics is an empirical science.
C) Economics does not use theories.
D) Economics is the study of how people allocate their limited resources to satisfy their unlimited wants.
F) A) and D)
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A) respond irrationally to any incentive.
B) respond to a given incentive in a random manner.
C) respond predictably to a given incentive.
D) not respond to any incentive.
F) A) and B)
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Inflation is a macroeconomic question be...View Answer
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A) An increase in consumer income will lead to increased sales of beef.
B) A decrease in the rate of unemployment will lead to upward pressure on consumer prices.
C) An increase in the income tax will cause a greater reduction in savings than an increase in the sales tax.
D) An economy with high unemployment can be worse off than an economy with high inflation.
F) B) and C)
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A) the President of the United States in 2008 was George W.Bush.
B) California is in the United States.
C) migratory birds fly south for the winter.
D) a dog is man's best friend.
F) A) and B)
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The automaker was relying on what people...View Answer
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A) individual business firms.
B) specific industries.
C) individual consumers.
D) a nation's entire economy.
F) A) and D)
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A) Public school teachers are not paid enough.
B) The average public school teacher earns less than the average truck driver.
C) The average public school teacher earns more than the average truck driver.
D) Students in smaller classes perform better on standardized tests.
F) A) and C)
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A) clearly drawn,and there is no overlap between them.
B) determined by economists in a clear and concise manner.
C) narrowly drawn,and microeconomic analysis often relies on macroeconomic tools.
D) often blurred because aggregates are made up of individuals and firms.
F) C) and D)
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A) Individuals who are rational necessarily ignore the interests of others.
B) Individuals generally act as though they are rational.
C) Individual behavior may be irrational but group behavior is always rational.
D) People make decisions as if they are omniscient.
F) C) and D)
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A) provide a value-free analysis.
B) seek the best answer.
C) predict how people should act.
D) provide normative values.
F) A) and C)
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A) study of how people make choices to satisfy their wants.
B) study of individual self-interests.
C) study of how government can most efficiently raise funds by taxation.
D) process by which goods are sold in free markets.
F) None of the above
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A) all the items that people would purchase if they had limited wants.
B) all the unlimited items that people would purchase with limited income.
C) items of value that are used to make other things that satisfy people's wants.
D) the total planned expenditures throughout the nation.
F) B) and C)
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A) one variable rises while the other falls.
B) both variables rise together.
C) both variables fall together.
D) the two variables have nothing to do with each other.
F) A) and C)
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A) never make a mistake.
B) do not intentionally make decisions that make themselves worse off.
C) have the necessary information to always make correct decisions.
D) always understand the consequences of their decisions.
F) C) and D)
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A) is never studied at the undergraduate level.
B) involves value judgments.
C) is always objective.
D) cannot be applied to all economic problems.
F) A) and D)
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