1012 - 2008-03 - CH 01 & 1A - University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Lab Instructor Michael G

1012 - 2008-03 - CH 01 & 1A - University of Lethbridge...

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University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Lab Instructor: Michael G. Lanyi Lab #1 Chapter 1 & 1A — Economics and Economic Reasoning Answer Sheet 1) _______ 2) _______ 3) _______ 4) _______ 5) _______ 6) _______ 7) _______ 8) _______ 9) _______ 10) _______ 11) _______ 12) _______ 13) _______ 14) _______ 15) _______ 16) _______ 17) _______ 18) _______ 19) _______ 20) _______ 21) _______ 22) _______ 23) _______ 24) _______ 25) _______ 26) ________ 27) ________ 28) ________ 29) ________ 30) ________ 31) ________ 32) ________ 33) ________ 34) ________ 35) ________ 36) ________ 37) ________ 38) ________ 39) ________ 40) ________ 41) ________ 42) ________ 43) ________ 44) ________ 45) ________ 46) ________ 47) ________ 48) ________ 49) ________ 50) ________ 51) ________ 52) ________ 53) ________ 54) ________ 55) ________ 56) ________ 57) ________ 58) ________ 59) ________ 60) ________ 61) ________ 62) ________ 63) ________ 64) ________ 65) ________ 66) ________ 67) ________ 68) ________ 69) ________ 70) ________ 71) ________ 72) ________ 73) ________ 74) ________ 75) ________ 76) ________ 77) ________ 78) ________ 79) ________ 80) ________ 81) ________ 82) ________ 83) ________ 84) ________ 85) ________ 86) ________ 87) ________ 88) ________ 89) ________ 90) ________ 91) ________ 92) ________ 93) ________ 94) ________ 95) ________ 96) ________ 97) ________ 98) ________ 99) ________ 100) ________
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Page 1 University of Lethbridge – Department of Economics ECON 1012 Introduction to Macroeconomics Lab Instructor: Michael G. Lanyi Lab # 1 Chapter 1 & 1A –– Economics and Economic Reasoning 1. Economics is the study of A) how individuals, firms, and governments make optimal choices from among a set of alternatives when faced with scarce resources. B) the factors that produce perceived scarcity and how such scarcity can be reduced. C) how human beings develop institutions to distribute limited resources. D) how businessmen can be better managers. 2. Which of the following would be part of economics? 3. Economics assumes all of the following EXCEPT that 4. Economics is the study of situations where
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Page 2 5. To engage in economic reasoning, you must compare A) marginal cost and marginal benefit. B) sunk cost and marginal cost. C) total cost and total benefit. D) marginal cost, sunk cost, and total benefit. 6. The marginal benefit from consuming another unit of a good
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