TEST 1 - TEST 1 User ID: xefri Attempt: 1 / 1 Out of: 100...

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TEST 1 User ID: xefri Attempt: 1 / 1 Out of: 100 Started: Sep 14, 2003 21:07 Finished: Sep 14, 2003 22:20 Time spent: 1 hr., 12 min., 48 sec. Student finished 1 hr., 47 min., 12 sec. ahead of the 180 min. time limit. Return to Scores -------------------------------------------------------------------------------- Question 1 (2 points) Macroeconomics is concerned primarily with 0.0% 1. the way things are produced. 0.0% 2. the prices of particular goods and services. 0.0% 3. the behavior of consumers. 100.0% 4. the performance of the aggregate economy. Score 2 / 2 -------------------------------------------------------------------------------- Question 2 (2 points) Models are used to describe cause and effect relationships. 100.0% 1. True 0.0% 2. False Score 2 / 2 -------------------------------------------------------------------------------- Question 3 (2 points) Economics is generally concerned with 0.0% 1. the operation of banks in the stock market. 0.0% 2. business management. 100.0% 3. how resources are allocated among alternative goals. 0.0% 4. the right time to start a business. Score 2 / 2 -------------------------------------------------------------------------------- Question 4 (2 points) The ceteris paribus assumption is used in economics because 100.0% 1. it is too difficult to account for everything that might have an effect on behavior. 0.0% 2. it makes it easier to track the thought processes of people, which is necessary to develop good theories. 0.0% 3. people are self-interested and rational.
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0.0% 4. the more complex a model is, the better it is. Score 2 / 2 -------------------------------------------------------------------------------- Question 5 (2 points) Normative economics 100.0% 1. is the study of what ought to be and involves value judgments. 0.0% 2. is synonymous with objective economics. 0.0% 3. is limited to making statements about facts and the actual relationships among variables. 0.0% 4. is concerned with statements that analyze actual situations in the economy. Score 2 / 2 -------------------------------------------------------------------------------- Question 6 (2 points) An increase in the price of gasoline will reduce the amount of gasoline purchased. This is: 0.0% 1. a normative economic statement. 100.0% 2. a positive economic statement. 0.0% 3. neither a normative nor a positive statement. 0.0% 4. none of the above. Score 0 / 2 -------------------------------------------------------------------------------- Question 7 (2 points) Which would be least consistent with the kind of rational decision-making assumed in economics? 0.0% 1. Alfred chooses love over money. 0.0% 2. Bernice acts on the basis of faulty information and, as a result, makes a mistake. 100.0%
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TEST 1 - TEST 1 User ID: xefri Attempt: 1 / 1 Out of: 100...

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