A) competition among firms
B) scarcity of resources
C) inflation
D) changes in the money supply
E) conflict between positive and normative economic statements
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A) generally less than the opportunity cost of the vacation
B) generally greater than the opportunity cost of the vacation
C) generally equal to the total opportunity cost of the vacation
D) equal to the total opportunity cost of the vacation only if the vacation was planned well in advance
E) equal to the total opportunity cost of the vacation only if there was little advanced planning
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A) keep the model as simple as possible
B) make the model as complex as possible so that it will be more accurate than other models
C) rely on as many assumptions as possible
D) not be concerned about including unnecessary details
E) make certain that the model is an accurate,complete depiction of reality
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A) normative
B) negative
C) positive
D) subjective
E) biased
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A) do not want their credit card bills to be too high
B) worry about their taxes
C) have limited intelligence
D) have limited incomes
E) basically want to become wealthy
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A) resources are scarce and wants are limited
B) resources and wants are unlimited
C) assets and wealth are distributed unevenly
D) resources are scarce and wants are unlimited
E) inflation usually outpaces income growth
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A) $73 plus the value of the higher exam grade he could earn by studying longer
B) $73
C) $35 plus the value of the higher exam grade he could earn by studying longer
D) $35
E) $55 plus the value of the higher exam grade he could earn by studying longer
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A) a discipline in the physical sciences
B) a field that deals exclusively with normative issues
C) a field that deals exclusively with positive issues
D) only useful for examining behavior in capitalist economies
E) a discipline that focuses on how choices are made in society
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A) the total output of an economy
B) the measurement of a nation's inflation rate
C) how producers and consumers interact in individual markets
D) how tax policies influence economic growth
E) whether wage growth will outpace inflation in the coming year
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A) "Central Bank Raises Interest Rates"
B) "Auto Dealership to Cut Prices"
C) "Fanny's Freeze Dried Prunes to Lay Off 50 Workers"
D) "United Workers Union to Strike April 15"
E) "Brazilian Coffee Bean Crop Falls by 10 Percent"
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A) positive economics
B) law and economics
C) microeconomics
D) development economics
E) normative economics
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A) study every single waking hour.
B) party every single waking hour.
C) assume there is no tradeoff between fun and grades.
D) assume there is a constant tradeoff between fun and grades.
E) assume there is a tradeoff between fun and grades that reflects increasing opportunity cost.
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A) a key step
B) a simplifying assumption
C) a bad assumption,one that should be avoided in economic theory
D) a critical assumption
E) one that should be replaced with empirical evidence
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A) demand
B) supply
C) scarcity
D) opportunity
E) abundance
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A) normative issues
B) positive issues
C) the mathematical calculations in an economic model
D) whether microeconomics or macroeconomics is more important
E) whether economic theory is useful in explaining the behavior of actors in the economy
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A) the role of government in the economy
B) a scarcity of land,labor,and machinery to produce goods and services
C) the federal budget deficit
D) an unequal distribution of income
E) low living standards
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A) uses equations to understand normative economic phenomena
B) often omits crucial elements
C) simplifies reality in order to focus on crucial elements
D) tries to make simple concepts more complex
E) cannot be proven wrong
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A) is that positive economics applies only to microeconomic problems
B) is that normative economics applies only to microeconomic problems
C) is the difference between an assumption and a conclusion
D) helps us understand why economists sometimes disagree with one another
E) explains why economics is not a social science
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