Econ_11_Prac_Quiz_1 - Practice Quiz 1 Econ 11...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Practice Quiz 1 1 Econ 11 Microeconomics Practice Quiz 1 1. Professor Jones wants to discover why tax rates change as often as they do. He comes up with a model of an economy where tax changes are a rational response to other changes in the economy, such as changes in the unemployment rate or changes in other taxes. His model has not been tested with any real world evidence. Professor Jones is doing: a. normative economics. b. empirical economics. c. economic history. d. theoretical economics. 2. A basic assumption used in most economic theories is that: a. all other things remain the same. b. as price decreases, quantity demanded must decrease. c. what is true for a part of the whole must also be true for the whole. d. whatever goes up must come down. 3. What do economists assume about a firm’s objective?
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Practice Quiz 1 2
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern