Last Updated 13 Nov 2017

Eco #1 Test

Category Essay Examples 
Essay type Research
Words 763 (3 pages)
Views 381
Which of the following al can overcome the problem of scarcity?
None of the above : scarcity is prevalent in all societies
which of the following is the best example of a renewable resource
forests
which of the following would be clasified as a capitol resource
a catapilar bulldozer
the most fundamental concepts underlying the discipline of economies are
scarcity and choice
the branch of economies that focuses on economywide variables like inflation and unemployment is called
macroeconomics
which of the following lists the steps to building a model in the correct order
identify the problem, develop a model, collect data and test the model
an economic model is useful only if it
yields accurate predictions
an economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, certain paribus. the phrase "ceteris paribus" means that
other relevant factors like consumer incomes must be held constant
next year will see a rising economy if there is snow on the ground in boston on christmas day.

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. if the student concludes that greater box sales cause economic expansion then the student has,
confused association and causation
what type of economic analysis is limited to testable verifiable statements?
positive economics
we should rais the minimum wage in order to help low-income families . this statement is an example of
a normative statement
suppose the economy is producing 200,000 bushels of food and 50,000 skeins cloth

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