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ECO108 HW1 (1)

ECO108 HW1 (1) - ECO108 2010 Fall Instructor Name Bo He ID...

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ECO108 2010 Fall Instructor: Bo He Name: __________________________ ID: __________________ Homework 1 Due Mon Sep 13th, at the beginning of LECTURE I. Multiple Choice (Circle the best answer) (20 points) 1. Which of the following statements is FALSE? A) Economics is behavioral science. B) In large measure, economics is the study of how people make choices. C) If poverty were eliminated there would be no reason to study economics. D) Economic analysis can be used to explain how both individuals and societies make decisions. 2. ____________focuses on the prices of individual goods and services and __________focuses on the rate of inflation. A) Microeconomics; macroeconomics B) Macroeconomics; microeconomics C) Microeconomics; microeconomics D) Macroeconomics; macroeconomics 3. You purchased a ticket to a concert for $30 a month ago. Last week someone invited you to party on the same night as the concert. You would much rather go to the party than the concert. You have tried unsuccessfully to sell the concert ticket. Which of the following
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ECO108 HW1 (1) - ECO108 2010 Fall Instructor Name Bo He ID...

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