Sample Questions Week 1 in 144.pdf

Sample Questions Week 1 in 144.pdf - Sample Questions Econ...

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Sample Questions Econ 144 Dr. Staihr Week One Spring 2018 1. Consider the following four headlines: 1. Airline Industry Sees Record Profits in 2016 2. U.S. Unemployment Rate Hits 10 year Low 3. Demand for iPhone 7 Expected to Exceed Supply 4. Inflation Remains Under Control As Prices Increase Less than 2% Which is most accurate? a. Only #4 would fall under the category of “macroeconomics” b. Only #1 would fall under the category of “macroeconomics” c. Only #2 would fall under the category of “macroeconomics” d. None of the above is accurate 2. Consider the following three statements: 1. The current minimum wage in the state of Missouri is too low. 2. The current minimum wage in the state of Missouri is $7.65. 3. The current minimum wage in Missouri is higher than the current minimum wage in Mississippi. Which of the following is accurate? a. All three statements (1, 2 and 3) are all normative statements b. Only statement 3 is a normative statement c. Only statement 2 is a positive statement d. Actually, none of the above is accurate
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