Quiz 1

Quiz 1 - ECN 111 Macroeconomic Principles Quiz 1 Version A...

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ECN 111 Quiz 1 Dr. Happel Macroeconomic Principles Version A Spring, 2006 Select only one answer per question. Remember that if any part of an answer is false, then the entire answer is false. 1. Which of the following statements about economics is false ? a) Economics (according to Dr. Happel) is the study of scarcity and scarcity implies conflict and discrimination. b) Since economics is the study of scarcity, it is also the study of choices. c) Economists believe that many people do not respond to incentives. d) Macroeconomics is concerned with the entire economy and aggregate output. e) Economists cannot eliminate discrimination, but instead economists seek the best way to discriminate. 2. In terms of economic conservatives versus economic liberals, which of the following statements is true according to class discussions? a) Economics liberals believe that wage and price controls should never be used. b) Economic conservatives want fair trade rather than free trade. c) Economic conservatives favor sound money (low inflation). d) Economic conservatives want the government to take from the rich and give to the poor. e) Economic liberals reject the idea that there are surplus supplies of people in the world. 3. According to class discussions about the five U.S. generations since 1910, which of the following is false ? a)
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Quiz 1 - ECN 111 Macroeconomic Principles Quiz 1 Version A...

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