This preview has intentionally blurred parts. Sign up to view the full document

View Full Document

Unformatted Document Excerpt

Question 1 Multiple Choice 0 of 2 point(s) Economists make assumptions in order to Your Answer: minimize the likelihood that s the problem at hand is being ov Correct Answer: focus their thinking on the ess problem at hand. Question 2 Multiple Choice 0 of 2 point(s) A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff between Your Answer: inflation and unemployment. Correct Answer: efficiency and equity. Question 3 Multiple Choice 2 of 2 point(s) Which of these statements about economic models is correct? Your Answer: All of the above are correct. Correct Answer: All of the above are correct. Question 4 Multiple Choice 0 of 2 point(s) Which of the following statements is true? Your Answer: Economics is a social science true science because it cannot e Question 4 Multiple Choice 0 of 2 point(s) scientific method. Correct Answer: Economists are usually not al conduct experiments, and so th natural experiments offered by Question 5 Multiple Choice 0 of 2 point(s) Figure 2-1 Refer to Figure 2-1 . Which arrow shows the flow of land, labor, and capital? Your Answer: B Correct Answer: C Question 6 Multiple Choice 0 of 2 point(s) In most societies, resources are allocated by Your Answer: those firms that use resources goods and services. Correct Answer: the combined actions of millio households and firms. Question 7 Multiple Choice 2 of 2 point(s) Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying is Question 7 Multiple Choice 2 of 2 point(s) Your Answer: the enjoyment and exercise he received had he played tennis. Correct Answer: the enjoyment and exercise he received had he played tennis. Question 8 Multiple Choice 2 of 2 point(s) The principle that "people face tradeoffs" applies to Your Answer: All of the above are correct. Correct Answer: All of the above are correct. Question 9 Multiple Choice 2 of 2 point(s) For economists, statements about the world are of two types: Your Answer: positive statements and norma Correct Answer: positive statements and norma Question 10 Multiple Choice 2 of 2 point(s) Which is the best statement about the roles of economists? Your Answer: In trying to explain the world scientists; in trying to improve are policymakers. Correct Answer: In trying to explain the world scientists; in trying to improve are policymakers. Question 10 Multiple Choice 2 of 2 point(s) Question 11 Multiple Choice 2 of 2 point(s) Figure 2-1 Refer to Figure 2-1 . Which arrow represents the flow of spending by households?... View Full Document

End of Preview

Sign up now to access the rest of the document