,ECON 2302 UNIT 1 Lesson 1,2,3 and 4| Questions and
Answers Latest Updated (Graded A+)-DCCC
Lesson 1: Fundamentals of a Market Economy
Economics is the application of the Principles of
Economics to decision making. (choices) by the various arms of the
government.
Positive
Normative
Macro
Policy
In choosing whether or not to go to a particular concert ... if the
marginal cost is less than the marginal benefit (marginal utility)
gained, then it would be “rational” to the concert.
to go
to not go
none of the above
all the above
is concerned with how we choose to use our scarce
resources on a limited variety of projects.
Ceteris paribus
Allocation
Scarcity
Only positive economics
There which determine(s) how much an individual is able to
make during their career and (using “ceteris paribus” based studies)
the major variable turns out to be their level of education.
is only one variable
, are many variables
are only two variables
are only three variables
Stability is the goal of economics seeking to so that
an economy does not experience high inflation.
allocate resources
avoid too much endorphin
avoid too little adrenaline
have the right amount of oxytocin
The goal of Social Balance and Equity (Fairness) requires appropriate
responsibility to be taken on by all people in the economy including
.
consumers
business people
government officials
all the above
The actual goal of is to have an optimum (balanced)
level of employment which will be discussed in a later lesson.
Ecological balance
Social balance
Full Employment
Stability
Answers Latest Updated (Graded A+)-DCCC
Lesson 1: Fundamentals of a Market Economy
Economics is the application of the Principles of
Economics to decision making. (choices) by the various arms of the
government.
Positive
Normative
Macro
Policy
In choosing whether or not to go to a particular concert ... if the
marginal cost is less than the marginal benefit (marginal utility)
gained, then it would be “rational” to the concert.
to go
to not go
none of the above
all the above
is concerned with how we choose to use our scarce
resources on a limited variety of projects.
Ceteris paribus
Allocation
Scarcity
Only positive economics
There which determine(s) how much an individual is able to
make during their career and (using “ceteris paribus” based studies)
the major variable turns out to be their level of education.
is only one variable
, are many variables
are only two variables
are only three variables
Stability is the goal of economics seeking to so that
an economy does not experience high inflation.
allocate resources
avoid too much endorphin
avoid too little adrenaline
have the right amount of oxytocin
The goal of Social Balance and Equity (Fairness) requires appropriate
responsibility to be taken on by all people in the economy including
.
consumers
business people
government officials
all the above
The actual goal of is to have an optimum (balanced)
level of employment which will be discussed in a later lesson.
Ecological balance
Social balance
Full Employment
Stability
