201_HW1_(08-24-09) - ECON201: MACROECONOMICS HOMEWORK #1...

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ECON201: MACROECONOMICS HOMEWORK #1 (20 points) Multiple-Choice Questions (one point each): Please put your answers on scantron form 882-E 1. Economics may best be defined as the: A. interaction between macro and micro considerations. B. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. C. empirical testing of value judgments through the use of logic. D. use of policy to refute facts and hypotheses. 2. The economizing problem is one of deciding how to make the best use of: A. virtually unlimited resources to satisfy virtually unlimited wants. B. limited resources to satisfy virtually unlimited wants. C. unlimited resources to satisfy limited wants. D. limited resources to satisfy limited wants. 3. The main function of the entrepreneur is to: A. make routine pricing decisions. B. innovate. C. purchase capital. D. create market demand. 4. Macroeconomics approaches the study of economics from the viewpoint of: A. the entire economy. B. governmental units. C. the operation of specific product and resource markets. D. individual firms. 5. According to economists, economic self-interest: A. is a reality that underlies economic behavior. B. has the same meaning as selfishness. C. is more characteristic of men than of women. D. is usually self-defeating. 6. The assertion that "There is no free lunch" means that:
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This note was uploaded on 12/18/2009 for the course ECONOMICS 122112 taught by Professor Kimrahg during the Spring '09 term at George Mason.

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201_HW1_(08-24-09) - ECON201: MACROECONOMICS HOMEWORK #1...

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