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The headline in the newspaper reads "County Supervisors Debate Building New Schools." The headline relates closest to which economic concept?


A) goods and bads
B) utility
C) choice
D) efficiency

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Price is the only rationing device that can be used in a modern economy.

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Macroeconomics deals with issues involving large corporations,while microeconomics exclusively deals with issues involving small businesses.

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Explain why the ceteris paribus assumption is essential when assessing an economic theory.Give an example to help support your answer.

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Economists use the ceteris paribus assum...

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Normative economics is concerned with


A) value judgments.
B) opinions.
C) cause-effect relationships.
D) observations that can be proved.
E) both a and b

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Amy's opportunity cost of going to the movies is


A) the price of the ticket.
B) zero,if she has a free pass.
C) the price of the ticket plus the value to Amy of what she would have chosen to do with her time had she not chosen to go to the movies.
D) both b and c

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The purpose of the ceteris paribus condition is to allow economists to


A) determine the relationship among several variables.
B) determine the impact of several variables on another variable.
C) isolate the impact of one variable on several variables.
D) isolate the relationship between two variables.

Correct Answer

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Which of the following is a possible rationing device?


A) dollar price
B) first-come-first-served
C) brute force
D) a and b
E) a,b,and c

Correct Answer

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