ECO3041 - Ch 1 Review Qs

ECO3041 - Ch 1 Review Qs - Chapter 1 Review Questions...

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Questions 1 1. Scarcity can be best defined as the a. problem set by the uneven distribution of wealth and resources. b. problem set by unlimited wants and needs confronted with limited resources. c. lack of time that we have during a regular working day. d. lack of large enough fossil fuel deposits. 2. Which of the following is a macroeconomic topic? a. Explaining why the Federal Reserve raised the interest rate. b. Explaining why the price of a personal computer fell. c. Explaining the effect of an increase in the gasoline tax. d. Explaining what happened to the price of wheat last year. 3. Which of the following is a normative statement? a. Health care costs are rising. b. Fifteen percent of Americans do not have health insurance. c. All Americans deserve to have access to adequate healthcare. d. Most employers offer healthcare benefits. 4. To develop economic science involves all of the following steps EXCEPT a. testing. b. model building.
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This note was uploaded on 01/22/2012 for the course ECO 3041 taught by Professor Dacal during the Fall '11 term at FIU.

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ECO3041 - Ch 1 Review Qs - Chapter 1 Review Questions...

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