PS2 - ECON 2106-C Fall 2008 Byung-Cheol Kim Practice...

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ECON 2106-C Fall 2008 Byung-Cheol Kim 1 Practice Problem for Chapter 2 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Economists make assumptions in order to a. mimic the methodologies employed by other scientists. b. minimize the number of experiments that yield no useful data. c. minimize the likelihood that some aspect of the problem at hand is being overlooked. d. focus their thinking on the essence of the problem at hand. ____ 2. Which two groups of decisionmakers are included in the simple circular-flow diagram? a. markets and government b. households and government c. firms and government d. households and firms Figure 2-1 ____ 3. Refer to Figure 2-1. Juan buys a new pair of shoes at a shoe store. To which of the arrows does this purchase directly contribute? a. A only b. A and B c. C only d. C and D ____ 4. Refer to Figure 2-1. Michelle completes her first week of employment working as a hairdresser at a salon. On Friday of that week she receives her first paycheck. To which of the arrows does this activity contribute
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This note was uploaded on 02/15/2010 for the course ECON 2106 taught by Professor Minjaesong during the Spring '06 term at Georgia Tech.

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PS2 - ECON 2106-C Fall 2008 Byung-Cheol Kim Practice...

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