ECON 1110 test 1

ECON 1110 test 1 - that Ben's statement is normativg brs...

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ECONOMICS 1110 *8.*d,\o.'qI EXAMI - F'ALL, 2010 rUoxf;atd, Sara VERSION A rD# NAME (LAST, FIRST) INSTRUCTIONS: Select the best response to each statement and bubble in the corresponding letter on your scanton. Each correct response is worth 3.75 points out of 150. r l. The study of economics is primarily concemed with: b" keeping private businmes from losing mooey. b. demonskating thx capitalistic economies are superior to socialistic economies. O choices rryhich are made in seeking to use scarce resources efficient$. d. determining the most equitable disnibution of society's [email protected] a 2. Which of the following is associded with macroeconomics? Cotton prices since World'Wa tr Pricing and production in tre textbook indusb/ Incomes of llarrratl Busin€ss School graduates Tnflation and national rrnernployment rates in the 1970s 3. Holly says that nthe imposition of a tu on beer will raise its price." Ben argues that "tares should be imposed on beer because college srudeds drink too much." We can conclude
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Unformatted text preview: that: @ Ben's statement is normativg brs Holly's is positive. b. Holly's statement is normative, brf B€n's is positive. Both statements are normative. Both statements are positive opporhrnity cost of using lumber to make billboards is: the total value of all of the other possible uses for the lumber. the value of the lumber in its next best alternative use. zero because billboards provide valuable infonnation. impossible to determine and therefore should not be a factor when deciding how to use ltrmber. 5. "If you stand up at a soccer game, you may get a better view of the game. So if everyone stands up at the game, everyone gets a better view." This illustrates the: @ fallacy of composition. b. association-causationissue(posthocfallacy). c. ceteris paribus assumption. d. fallacy of division. a. ]r \ fifr c. d. The a. o \ d....
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