Assignment 1 - Econ 201 Assignment 1 Chapter 1 Explain the...

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Econ 201 Assignment 1 Chapter 1 Explain the relationships among theories, models, and hypotheses. Models are developed and used to help hypothesize, define, explore, understand, simulate, predict, design, or communicate some aspect of the original entity for which the model is a substitute. A model can also represent a theory. You can use theories, put it in a model and use it to help hypothesize or make predictions. None of them can actually be proven to be true but based on proven facts you can pursuade people that it’s the right. Chapter 2 Choose the best definition for each of the following terms. 1. H Factors of Production or Inputs 2. I Outputs 3. A Gross Domestic Product 4. F Open economy 5. E Closed economy 6. G Recession 7. D Transfer payments 8. J Progressive Tax 9. B Mixed economy a. Money value of final goods and services produced in a year b. Economy with public influence over the workings of free markets c. A sustained increase in the average level of prices d. Money that individuals receive from the government as grants e. Economy in which exports and imports are small relative to GDP f. International trade is a large proportion of GDP g. A period when real GDP declines h. Labor, machinery, buildings, and natural resources used in production i. Goods and services desired by consumers j. The proportion of income paid as taxes increase as income increases Chapter 3 Choose the most appropriate answer. 1. Economists define opportunity cost as the
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a. dollar price of goods and services. b. hidden cost imposed by inflation. c. value of the next best alternative use that is not chosen. d. time spent shopping.
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