Econ 251 quiz 1 | Economics homework help

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Question 12 pts

An example of a positive statement is:

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Everyone in the country needs to be covered by national health insurance.

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an increase in investment spending tends to reduce unemployment..

 

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The rate of unemployment should be 4 percent.

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A high rate of economic growth is good for the country.

 

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Question 22 pts

The scientific method is more difficult for economists than, say, chemists, because:

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economic conditions may change quickly and unexpectedly.

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all of the above.

 

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controlled laboratory conditions are more problematic in economics.

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it is difficult to hold other factors that may affect the variables being studied constant in economics.

 

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Question 32 pts

Economists concerned about economy-wide trends in the unemployment of labor, the rate of inflation, and the level of economic production are studying:

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macroeconomics.

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the “trees” of economic behavior, rather than the “forest.”

 

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specific units or parts of the economy.

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microeconomics.

 

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Question 42 pts

The questions of what goods to produce, how to produce them, and for whom to produce them are of concern only in advanced industrial economies.

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false

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true

 

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Question 52 pts

Positive statements can be tested for being true but they can’t be proven false.

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true

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false

 

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Question 62 pts

A feature that distinguishes economists’ approach to making choices is (are):

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assuming individuals make choices to maximize objectives.

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emphasizing that choices are made at the margin.

 

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assigning opportunity costs a major role in their analyses of choices.

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all of the above.

 

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Question 72 pts

When we are forced to make choices we are facing the concept of:

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free goods.

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the margin.

 

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ceteris paribus.

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scarcity.

 

 

 

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Question 82 pts

Define positive and normative statements and give four examples of each.

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Question 92 pts

The Case in Point on the oil extraction suggests that one reason oil may become more costly is that :

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oil producers are likely to become more greedy in the future.

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actually, the Case suggests that oil extraction is likely to become less costly and the future.

 

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we will have to give up more and more valuable alternatives to extract oil.

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speculation is likely to drive up oil prices.

 

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Question 102 pts

The concept of the margin deals with:

 

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making incremental choices.