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Principles of Microeconomics-chapter2_quiz

Principles of Microeconomics-chapter2_quiz - Principles of...

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Principles of Microeconomics Chapter 2 Quiz 1. With respect to how economists study the economy, which of the following statements is most accurate? a. Economists study the past, but they do not try to predict the future. b. Economists use “rules of thumb” to predict the future. c. Economists devise theories, collect data, and analyze the data to test the theories. d. Economists use controlled experiments in much the same way that biologists and physicists do. 2. A model can be accurately described as a a. theoretical abstraction with very little value. b. device that is useful only to the persons who created it. c. realistic and carefully constructed theory. d. simplification of reality. 3. Which markets are represented in the simple circular-flow diagram? a. Markets for goods and services and markets for financial assets b. Markets for factors of production and markets for financial assets c. Markets for goods and services and markets for factors of production d. Markets for goods and services and markets for imports and exports
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