Macro Quiz 1

Macroeconomics

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Question 1 4.76 out of 4.76 points Correct 1) Economics is best defined as the A) study of how people make choices to satisfy their wants. B) study of individual self-interests. C) study of how government can most efficiently raise funds by taxation. D) process by which goods are sold in free markets. Question 1 answers Selected Answer: Correct A Correct Answer: Correct A Question 2 text Question 2 4.76 out of 4.76 points Correct 2) A microeconomist would study all of the following issues except A) the impact of a change in consumer income on the sales of corn. B) the impact of a snowstorm on the sales of snow shovels. C) the most efficient means for General Motors to produce an automobile. D) the effect of a change in income taxes on the nation's rate of unemployment. Question 2 answers Selected Answer: Correct D Correct Answer: Correct D Question 3 text Question 3 4.76 out of 4.76 points Correct 3) Normative economic statements
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A) violate the law of ceteris paribus. B) contain value judgements. C) are usually irrational. D) are easily testable. Question 3 answers Selected Answer: Correct B Correct Answer: Correct B Question 4 text Question 4 4.76 out of 4.76 points Correct 4) "No individual should have less than $10,000 income in the United States in 2000" is an example of A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism. Question 4 answers Selected Answer: Correct A Correct Answer: Correct A Question 5 text Question 5 4.77 out of 4.77 points Correct 5) Which of the following is a positive economic statement? A) No individual should live in poverty. B) The rate of unemployment of young African-Americans exceeds that of white Americans. C) Unemployment is a more serious problem than inflation. D) Economic considerations are less relevant than ethical
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issues in deciding national policy. Question 5 answers Selected Answer: Correct B Correct Answer: Correct B Question 6 text Question 6 4.76 out of 4.76 points Correct 6) Economists assume that people are motivated by A) benevolence.
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This note was uploaded on 04/09/2008 for the course EC 133 taught by Professor Pranzo during the Spring '08 term at New Haven.

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Macro Quiz 1 - Question 1 Correct 1) 4.76 out of 4.76...

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