Econ 102- Buckley Exam 1 Questions With
Correct Answers
Economics - CORRECT ANSWER✔✔-The social science that studies the choices
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individuals make as they cope with scarcity and the incentives that influence
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these choices.
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Difference between microeconomics and macroeconomics - CORRECT
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ANSWER✔✔-Microeconomics is concerned with individuals and firms and how | | | | | | | | |
they make decisions and interact in markets, and macroeconomics is concerned
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with economy-wide phenomenon like inflation, unemployment, and economic
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growth.
Positive statement - CORRECT ANSWER✔✔-A description of how the world is. A
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statement that is able to be proven true or false by observable data.
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Normative statement - CORRECT ANSWER✔✔-A description of how someone
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wants the world to be. A subjective statement that contains a value judgment
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about costs and benefits.
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Elements of a Theory - CORRECT ANSWER✔✔-Simple, general, useful
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Allocation Efficient - CORRECT ANSWER✔✔-The optimal combination of all
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possible combinations of goods; no other combination would make people better
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off.
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Correct Answers
Economics - CORRECT ANSWER✔✔-The social science that studies the choices
| | | | | | | | | |
individuals make as they cope with scarcity and the incentives that influence
| | | | | | | | | | | |
these choices.
|
Difference between microeconomics and macroeconomics - CORRECT
| | | | | | |
ANSWER✔✔-Microeconomics is concerned with individuals and firms and how | | | | | | | | |
they make decisions and interact in markets, and macroeconomics is concerned
| | | | | | | | | | |
with economy-wide phenomenon like inflation, unemployment, and economic
| | | | | | | |
growth.
Positive statement - CORRECT ANSWER✔✔-A description of how the world is. A
| | | | | | | | | | | |
statement that is able to be proven true or false by observable data.
| | | | | | | | | | | |
Normative statement - CORRECT ANSWER✔✔-A description of how someone
| | | | | | | | |
wants the world to be. A subjective statement that contains a value judgment
| | | | | | | | | | | | |
about costs and benefits.
| | |
Elements of a Theory - CORRECT ANSWER✔✔-Simple, general, useful
| | | | | | | |
Allocation Efficient - CORRECT ANSWER✔✔-The optimal combination of all
| | | | | | | | |
possible combinations of goods; no other combination would make people better
| | | | | | | | | |
off.
|
