Aacsb analytical thinking 6 what is an economic model

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AACSB: Analytical thinking6) What is an economic model?1.A) It is a description of an economic issue that includes all possible related information.2.B) It is a description of an economic issue based on official government information.3.C) It is a detailed version of some aspect of economic life used to analyze an economic issue.4.D) It is a simplified version of some aspect of economic life used to analyze an economic issue.Answer: D
Diff: 1 Page Ref: 4/4Topic: Economic Models*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist.AACSB: Analytical thinking7) The term “market” in economics refers to
Diff: 1 Page Ref: 4/4Topic: Markets*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist.AACSB: Analytical thinking8) Economists assume that
Diff: 1 Page Ref: 7/7Topic: Optimal Decisions Are Made at the Margin*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist.AACSB: Analytical thinking9) Which of the following best describes an assumption economists make about human behavior?
Diff: 2 Page Ref: 5/5Topic: People Are Rational*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist.AACSB: Analytical thinking10) Economists assume that rational people1.A) never use all available information as they act to achieve their goals.2.B) undertake activities that benefit others and hurt themselves.3.C) only weigh the benefits and costs of the most desirable alternative actions.4.D) respond to economic incentives.Answer: D
Diff: 2 Page Ref: 5/5Topic: People Are Rational*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist.

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