WAHT ARE THE ANSWERS FOR THE FOLLOWING QUESTIONSmultipile choice):From an economists point of view, people who choose to do voluntary work
a. find it more satisfying than the alternatives.
b. are not concerned with their own satisfaction.
c. are beyond the scope of economics.
d. never consider the alternative options.
e. are not acting with rational self-interes
2-Some economists have noted that throughout recent U.S. history, as the occurrence of sun spots has increased, so has the rate of overall inflation. If any of these economist based this observation on a short-term forecast of inflation
a.committing the fallacy of composition.
b. using normative analysis.
c. committing the fallacy of double counting.
d. confusing the problems of scarcity and abundance.
e. committing the error of interpreting association as causation.
3-The fallacy of composition:
a. is illustrated by the assertion that the stock market rises when hemlines of current fashions rise.
b. is the same as interpreting association as causation.
c. implies that not all variables are held constant.
d. is the error of attributing what applies to many to the case of one.
e. is illustrated by the saying that if one moviegoer runs to an exit during a fire to get out of the building, then all the moviegoers should rush to that exit.
4-In economics, the concept of opportunity cost is:
a. quantifiable only if you know the real dollar prices of the goods and services you are giving up to consume something.
b. negated by ensuring that the government has a role in a capitalist society.
c. best illustrated by knowing why consumers choose one good over another.
d. the methodology that government economists use to determine the total amount of the national debt.
e. defined to be the highest-valued alternative that must be forgone when a choice is made.
5-When constructing a production possibility curve for an economy, which of the following is assumed to be constant?
a. The quantity of resources
b. The money supply
c. The quantity of goods produced
d. The price level
e. The government budget
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