{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

113 review questions copy - Economics 113 Introduction to...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Economics 113 Introduction to Economics for Policy Analysis Review Questions Topic 1 1. Economics A. is the study of markets B. is the study of resource allocation choices C. is the study of government behaviour D. none of the above 2. Resource allocation choices involve trade-offs because A. all such choices are made through market-based trades B. resources can always be augmented through trade C. resources are scarce D. bad decisions create scarcity 3. Positive economic analysis A. is the study of how resources are allocated B. is the study of how resources should be allocated C. is purely descriptive and therefore not relevant to policy design D. is based on the premise that resource scarcity will eventually be eliminated 4. Normative economic analysis A. is the study of how resources are allocated B. is the study of how resources should be allocated C. is synonymous with political science D. is more objective than positive analysis 5. Good policy design
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
2 6. Microeconomics 7. Macroeconomics 8. Economic analysis is the only correct basis for public policy design A. because economics is an objective science B. because history has demonstrated the superiority of markets over other resource allocation systems C. because it is based only on hard facts D. none of the above 9. The study of markets is central to economic analysis because 10. Gross Domestic Product (GDP)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}