chapter 1 true or false

chapter 1 true or false - Question 1 1 out of 1 points...

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Question 1 1 out of 1 points Economics is the social science that studies how individuals, institutions, and society make choices under conditions of scarcity. Selected Answer: True Correct Answer: True Feedback: Correct! See p. 4 of the text for more explanatio n. Question 2 1 out of 1 points From the economic perspective, "there's no such thing as a free lunch." Selected Answer: True Correct Answer: True
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Feedback: Correct! There is always a opportunit y cost involved, which is what this statement implies. Question 3 1 out of 1 points The economic perspective views individuals or institutions as making purposeful choices based on the marginal analysis of the costs and benefits of decisions. Selected Answer: True Correct Answer: True Feedback: Correct! See p. 4 of the text for more explanatio n. Question 4 1 out of 1 points The scientific method involves the observation of real-word data, the formulation of hypotheses based on the data, and the testing of those hypotheses to develop theories.
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Selected Answer: True Correct Answer: True Feedback: Correct! See p. 5-6 of the text for further explanatio n. Question 5 1 out of 1 points A well-tested or widely accepted economic theory is often called an economic principle or law. Selected Answer: True Correct Answer: True Feedback: Correct! See p. 6 of the text.
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Question 6 0 out of 1 points The "other-things-equal" or ceteris paribus assumption is made to simplify the reasoning process. Selected Answer: False Correct Answer: True Feedback: This is true. As discussed on p. 6 of the text, this assumptio n is used to isolate the impact of one variable at a time on something else. Only one variable is allowed to change at a time when making this assumptio n. Question 7 1 out of 1 points Macroeconomic analysis is concerned with the economic activity of specific firms or industries.
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Answer: False Correct Answer: False Feedback: Correct, this is false. This would be microecon omics, not macroeco nomics. See p. 6-7. Question 8 1 out of 1 points Microeconomic analysis is concerned with the performance of the economy as a whole or its major aggregates. Selected
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chapter 1 true or false - Question 1 1 out of 1 points...

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