Question 1

An economic model will produce poor predictions if it includes unrealistic assumptions.

Accepted Answer

A) True 
 B)False

Question 2

Secondary effects are consequences of economic actions that develop slowly over time as people react to events.

Accepted Answer

A) True 
 B)False

Question 3

Normative economic statements refer to what should be.

Accepted Answer

A) True 
 B)False

Question 4

Microeconomics is the study of

Accepted Answer

A)   marginal or inferior products
B)   the economic behavior of individual decision makers
C)   the behavior of the economy as a whole
D)   how to use the fewest natural resources to produce goods and services
E)   government's role as a producer in the economy

Question 5

The behavior of the entertainment industry in Detroit is a microeconomic topic.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is an example of capital?

Accepted Answer

A)   pizza ovens
B)   bulldozers
C)   a college education
D)   carpentry skills
E)   all of the above

Question 7

Which of the following is an accurate list,in order,of the steps of the scientific process?

Accepted Answer

A)   define variables;state assumptions;form a hypothesis;test
B)   state assumptions;define variables;form a hypothesis;test
C)   identify variables;state assumptions;test;form a hypothesis
D)   identify variables;form "other things equal" assumptions;form behavioral assumptions;test
E)   form "other things equal" assumptions;form behavioral assumptions;form hypothesis;test

Question 8

Economists classify all of the following as capital,except one.Which one is not capital?

Accepted Answer

A)   a $20 bill in a firm's petty cash drawer
B)   the building where our economics class meets
C)   a plumber's wrench
D)   a railroad car
E)   a factory

Exam 1: The Art and Science of Economic Analysis

Which of the following is an example of capital?

Correct Answer
verified

Normative economic statements refer to what should be.

Correct Answer
verified

The behavior of the entertainment industry in Detroit is a microeconomic topic.

Correct Answer
verified

Which of the following is an accurate list,in order,of the steps of the scientific process?

Correct Answer
verified

An economic model will produce poor predictions if it includes unrealistic assumptions.

Correct Answer
verified

Microeconomics is the study of

Correct Answer
verified

Economists classify all of the following as capital,except one.Which one is not capital?

Correct Answer
verified

Secondary effects are consequences of economic actions that develop slowly over time as people react to events.

Correct Answer
verified

Exam 1: The Art and Science of Economic Analysis

Which of the following is an example of capital?

Correct AnswerverifiedShow Answer

Normative economic statements refer to what should be.

Correct AnswerverifiedShow Answer

The behavior of the entertainment industry in Detroit is a microeconomic topic.

Correct AnswerverifiedShow Answer

Which of the following is an accurate list,in order,of the steps of the scientific process?

Correct AnswerverifiedShow Answer

An economic model will produce poor predictions if it includes unrealistic assumptions.

Correct AnswerverifiedShow Answer

Microeconomics is the study of

Correct AnswerverifiedShow Answer

Economists classify all of the following as capital,except one.Which one is not capital?

Correct AnswerverifiedShow Answer

Secondary effects are consequences of economic actions that develop slowly over time as people react to events.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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