A) to diminish the chance of wrong answers
B) to make the world easier to understand
C) because all scientists make assumptions
D) to make certain that all necessary variables are included
Correct Answer
verified
Correct Answer
verified
A) A positive statement must be true; a normative statement is often NOT true.
B) A normative statement must be true; a positive statement is often NOT true.
C) A positive statement can be verified; a normative statement cannot.
D) A normative statement can be verified; a positive statement cannot.
Correct Answer
verified
Correct Answer
verified
A) in product markets
B) in resource markets
C) in inventory markets
D) in government markets
Correct Answer
verified
Correct Answer
verified
A) The Canadian rate of unemployment was lower in 2004 than it was in 1994.
B) Savings accounts earn interest, whereas checking accounts do NOT.
C) Parliament must recognize that the growing national debt is the most serious problem that the country faces.
D) The unemployment rate increases when the percentage of the labour force without jobs increases.
Correct Answer
verified
Correct Answer
verified
A) to learn how the economy works
B) to make their profession appear to be more precise
C) to make economics accessible to the public
D) to make sure that all of the details of the economy are included in their analysis
Correct Answer
verified
Correct Answer
verified
A) the price received for the good
B) the price of the product minus the cost of the resources used to produce the product
C) the return paid to the firm's bank on its outstanding loans
D) the price of the product minus the wages paid for the labour used to produce it
Correct Answer
verified
Correct Answer
verified
A) to construct simplifying assumptions about real world economics
B) to explain economic reality in all its complexity
C) to explain and predict economic events
D) to construct economic situations where controlled experiments can be carried out
Correct Answer
verified
Correct Answer
verified
A) The use of some mathematical model when solving a problem is desirable.
B) Maximize expected benefits and minimize expected costs.
C) Only monetary costs and benefits are weighed.
D) Scarcity can be eliminated for that individual.
Correct Answer
verified
Correct Answer
verified
A) Positive statements are based on opinion, while normative statements are based on fact.
B) Positive statements are true, and normative statements are often false.
C) Positive statements are often false, and normative statements are true.
D) Positive statements are based on fact, while normative statements are based on opinion.
Correct Answer
verified
Correct Answer
verified
A) formulate a hypothesis
B) reflect an opinion
C) specify assumptions
D) identify the question and define relevant variables
Correct Answer
verified
Correct Answer
verified
A) a theoretical abstraction with very little value
B) a useful tool to only the ones who considered it
C) a realistic and carefully constructed theory
D) a simplification of the real world
Correct Answer
verified
Correct Answer
verified
A) The composition of a complex product can be determined just by examining its exterior properties.
B) Consumer-durable goods today do NOT last as long as they did a generation ago.
C) Any production mistakes made on an assembly line will lead to a compounding of errors as the product moves down the line.
D) What is true for any individual component in a group is true for the group as a whole.
Correct Answer
verified
Correct Answer
verified
A) a $20 bill in a firm's petty cash drawer
B) the building in which economics students meet
C) a plumber's wrench
D) a railroad car
Correct Answer
verified
Correct Answer
verified
A) when resources are unlimited
B) when there is a shortage, so buyers cannot obtain the goods they want
C) when there is a surplus, so sellers cannot sell the goods they produce
D) when resources are insufficient to satisfy unlimited wants
Correct Answer
verified
Correct Answer
verified
A) how individuals amass personal fortunes in the stock market
B) how individuals and nations deal with the problem of scarcity
C) how money plays a role in the economy
D) how goods and services are distributed throughout the world
Correct Answer
verified
Correct Answer
verified
A) opportunity cost
B) demand
C) rational behaviour
D) scarcity
Correct Answer
verified
Correct Answer
verified
A) It is the study of choice when scarcity exists.
B) It is the study of the production of goods and services.
C) It is the science of money.
D) It is the art of spending money wisely.
Correct Answer
verified
Correct Answer
verified
A) incremental
B) unimportant
C) outlier
D) borderline
Correct Answer
verified
Correct Answer
verified
A) interest, wages, profit, and rent
B) profit, rent, interest, and wages
C) rent, wages, profit, and interest
D) rent, wages, interest, and profit
Correct Answer
verified
Correct Answer
verified
A) that people gather all relevant information before making any purchases
B) that once a pattern of behaviour has been established, people tend to become set in their ways
C) that people respond in predictable ways to changes in costs and benefits
D) that people rarely make errors when they are permitted to make transactions
Correct Answer
verified
Correct Answer
verified
Showing 61 - 80 of 108
Related Exams