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Econ 251 , ch-1 | Economics homework help

 

Question 12 pts

The economic way of thinking includes:

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concern with the biological make up of decision makers.

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the assumption that individuals choose to average out some objective.

 

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emphasis on how choices affect total values rather than marginal values.

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attention paid to the opportunity costs involved in any choice.

 

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Question 22 pts

Statements that are a hypothesis or statement of fact are:

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positive.

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pecuniary.

 

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normative.

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nominal.

 

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Question 32 pts

A free good is one that can be acquired without sacrifice.

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true

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false

 

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Question 42 pts

The “all other things unchanged” assumption is useful because it:

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helps to approximate real-world conditions.

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is a vehicle for determining whether a particular outcome is “good” or “bad.”.

 

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states the main economic objectives.

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helps to restrict analysis to the effect of a single economic factor.

 

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Question 52 pts

The problem of determining what goods and services society should produce exists because:

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resources are plentiful.

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resources are scarce.

 

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most of our resources are socially rather than privately owned.

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most of our resources are privately rather than socially owned.

 

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Question 62 pts

A free good is different from a scarce good because it is:

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found only in nature.

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not tradable.

 

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not produced.

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not scarce.

 

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Question 72 pts

“Since economics is a science, economists must not become involved in making any value judgments in their formulation of policy.” Do you agree with this statement? Explain.

 

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Question 82 pts

Unemployment and inflation are:

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unique only to capitalistic economies.

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not relevant in the U.S. economy today.

 

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very important in the study of microeconomics.

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major topics in macroeconomics.

 

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Question 92 pts

An answer to the question “How are goods produced?” determines:

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how tastes and preferences are determined.

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how resources are combined in the production of goods.

 

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who receives the goods that are produced.

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the types and quantities of goods and services produced.

 

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Question 102 pts

The BEST example of making a choice at the margin is:

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a coffee drinker drinking another cup of coffee.

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attending college.

 

 

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quitting your job.

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buying a new car.

QUICK QUOTE

Approximately 250 words