1) The correct definition of economics is a) the study of money b) the study of

Question

1) The correct definition of economics is a) the study of money b) the study of exchange under conditions of uncertainty c) the study of the allocation of scarce resources d) widely debated among economists from different schools of thought e cinually changing, due to the unpredictable nature of the economy 2) Economics is a) a precise or 'hard' science, like physics or chemistry b) a purely mathematical science c) a social science, like sociology or psychology d) a branch of the humanities, like history or esthetics e) none of the options listed here 3) In order for an economic analysis to be useful, especially when making business decisions, a) b) the data used must be precise, and decisions are impossible without complete data thequestion asked must be specific enough to be relevant, but not excessively complex c) must take account of all future events that will happen, ignoring those that will not happen d) it must focus primarily on price, almost to the exclusion of the quantity of the good sold e it must focus primarily on quantity, almost to the exclusion of the price of the good sold 4) A model is a) aexact representation of reality b) an abstraction of reality that depends on the context of the analysis c must be a mathematical representation of reality d) no very useful in economic analyses e) none of the above 5) A natural monopoly is a monopoly that_ a) results from control of some resource, skill, talent, or knowledge b) is granted by government ccontrols a natural resource, like a mine, port, or toll road d) Natural monopolies do not exist. All monopolies are granted by government.] e) none of the above

Explanation / Answer

1. c) the study of allocation of scarce resources

2. c) a social science, like sociology or psychology

6. e) c and d

Optimal size of the firm is where Profit is maximised and Cost is minimized.

7. e) the Keynesian Theory of a Value

8. e) the value agreed by a buyer and a seller of the next unit exchanged.

9. b) rents to increase and the ability to rent apartments to be more difficult.

10. d) a decrease in the number of restaurants and higher prices.

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