ECON 102 QUESTIONS AND ANSWERS LATEST UPDATED
VERSION, GRADED A+.
Economic analysis is a tool that
Aids decision making
Economics can be described as the study of how people use ________ resources to satisfy ________
wants.
limited; unlimited
In economics, items that are used to produce goods and services are known as
resources
Economics is the study of how
people make choices
The way that a society uses or allocates resources to satisfy human wants is called
an economic system
Central planning is a key characteristic of which economic system?
command and control
When the text refers to rational self-interest, it means
You are looking out for what is best for you as an individual.
Economists assume people behave rationally, which means that people
do not intentionally make decisions that make them worse off.
The combination of psychology and economics to determine individual decision making is known as
behavioral economics
"By 2015, no individual in the United States should earn less than $20,000 a year" is an example of
a normative statement.
The Presidentʹs budget included an increase in unemployment insurance payments.
positive statement
A direct relationship occurs when
the two variables being compared change in the same direction, or when one goes up the other also
goes up.
VERSION, GRADED A+.
Economic analysis is a tool that
Aids decision making
Economics can be described as the study of how people use ________ resources to satisfy ________
wants.
limited; unlimited
In economics, items that are used to produce goods and services are known as
resources
Economics is the study of how
people make choices
The way that a society uses or allocates resources to satisfy human wants is called
an economic system
Central planning is a key characteristic of which economic system?
command and control
When the text refers to rational self-interest, it means
You are looking out for what is best for you as an individual.
Economists assume people behave rationally, which means that people
do not intentionally make decisions that make them worse off.
The combination of psychology and economics to determine individual decision making is known as
behavioral economics
"By 2015, no individual in the United States should earn less than $20,000 a year" is an example of
a normative statement.
The Presidentʹs budget included an increase in unemployment insurance payments.
positive statement
A direct relationship occurs when
the two variables being compared change in the same direction, or when one goes up the other also
goes up.
