Homework1 - Homework 1 Econ 102-3 Principles of...

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Homework 1 Econ 102-3: Principles of Macroeconomics due on January 25, 2008 Turn in your stapled homework during class on January 25, 2008. Remember that no late homework will be accepted. The material covered in this homework assignment is based on the lectures, the math review and chapter 1 of the textbook. Question 1 (5 points) It would be meaningless to study economics if what did not exist? A. individual agents B. capital C. firms D. models E. scarcity of resources Question 2 (5 points) An economic model can be best described as A. the optimization process of individual agent B. a set of equations C. a complete description of an economic phenomenon D. a simplified representation of reality E. a set of choices that individual agents make 1
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Question 3 (5 points) Suppose y = 2 x - 1. If you have y on the vertical axis and x on the horizontal axis, then A. the plot of the function is a straight line B. the point (1,1) is on the plot of the function C. the point (3,2) is on the plot of the function
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Homework1 - Homework 1 Econ 102-3 Principles of...

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