Econ 102 Final Review (UNR) Questions
With Correct Answers
CH 1: Positive economics - CORRECT ANSWER✔✔-objective descriptions or
| | | | | | | | |
predictions about the world that can be varied by data
| | | | | | | | |
CH 1: Normative economics - CORRECT ANSWER✔✔-analysis that prescribes
| | | | | | | | |
what an individual or society ought to do
| | | | | | |
CH 1: Micro-economics - CORRECT ANSWER✔✔-the study of how individuals,
| | | | | | | | | |
households, firms, and governments make choices
| | | | |
CH 1: Macro-economics - CORRECT ANSWER✔✔-the study of the whole economy
| | | | | | | | | |
as a whole
| | |
CH 1: Optimization - CORRECT ANSWER✔✔-trying to choose the best feasible
| | | | | | | | | | |
option
CH 1: Equilibrium - CORRECT ANSWER✔✔-a special situation in which everyone is
| | | | | | | | | | |
simultaneously optimizing, so nobody would benefit personally by changing his
| | | | | | | | | | |
or her own behavior
| | |
, CH 1: Empiricism - CORRECT ANSWER✔✔-an analysis that uses data, economists
| | | | | | | | | | |
use data to test theories and to determine what is causing things to happen in
| | | | | | | | | | | | | | |
the world
|
CH 1: Opportunity cost - CORRECT ANSWER✔✔-the best alternative use of a
| | | | | | | | | | | |
resource
CH 2: What is an Economic model? - CORRECT ANSWER✔✔-a simplified
| | | | | | | | | | |
description of reality | |
CH 2: What is a Good Economic question - CORRECT ANSWER✔✔-it is relevant,
| | | | | | | | | | | | |
and can be answered
| | |
CH 3: Optimization in levels - CORRECT ANSWER✔✔-total benefits of different
| | | | | | | | | | |
alternatives, and choosing the best alternative
| | | | |
CH 3: Optimization in differences - CORRECT ANSWER✔✔-the change in net
| | | | | | | | | | |
benefits, and then uses marginal comparisons to choose the best alternative
| | | | | | | | | |
CH 4: What is a market? - CORRECT ANSWER✔✔-a market is a group of economic
| | | | | | | | | | | | | |
agents who are trading a good or service, and the rules for arrangements for
| | | | | | | | | | | | | | |
trading
CH 4: Demand curve - CORRECT ANSWER✔✔-plots the quantity demanded at
| | | | | | | | | | |
different prices |
With Correct Answers
CH 1: Positive economics - CORRECT ANSWER✔✔-objective descriptions or
| | | | | | | | |
predictions about the world that can be varied by data
| | | | | | | | |
CH 1: Normative economics - CORRECT ANSWER✔✔-analysis that prescribes
| | | | | | | | |
what an individual or society ought to do
| | | | | | |
CH 1: Micro-economics - CORRECT ANSWER✔✔-the study of how individuals,
| | | | | | | | | |
households, firms, and governments make choices
| | | | |
CH 1: Macro-economics - CORRECT ANSWER✔✔-the study of the whole economy
| | | | | | | | | |
as a whole
| | |
CH 1: Optimization - CORRECT ANSWER✔✔-trying to choose the best feasible
| | | | | | | | | | |
option
CH 1: Equilibrium - CORRECT ANSWER✔✔-a special situation in which everyone is
| | | | | | | | | | |
simultaneously optimizing, so nobody would benefit personally by changing his
| | | | | | | | | | |
or her own behavior
| | |
, CH 1: Empiricism - CORRECT ANSWER✔✔-an analysis that uses data, economists
| | | | | | | | | | |
use data to test theories and to determine what is causing things to happen in
| | | | | | | | | | | | | | |
the world
|
CH 1: Opportunity cost - CORRECT ANSWER✔✔-the best alternative use of a
| | | | | | | | | | | |
resource
CH 2: What is an Economic model? - CORRECT ANSWER✔✔-a simplified
| | | | | | | | | | |
description of reality | |
CH 2: What is a Good Economic question - CORRECT ANSWER✔✔-it is relevant,
| | | | | | | | | | | | |
and can be answered
| | |
CH 3: Optimization in levels - CORRECT ANSWER✔✔-total benefits of different
| | | | | | | | | | |
alternatives, and choosing the best alternative
| | | | |
CH 3: Optimization in differences - CORRECT ANSWER✔✔-the change in net
| | | | | | | | | | |
benefits, and then uses marginal comparisons to choose the best alternative
| | | | | | | | | |
CH 4: What is a market? - CORRECT ANSWER✔✔-a market is a group of economic
| | | | | | | | | | | | | |
agents who are trading a good or service, and the rules for arrangements for
| | | | | | | | | | | | | | |
trading
CH 4: Demand curve - CORRECT ANSWER✔✔-plots the quantity demanded at
| | | | | | | | | | |
different prices |
