The economic way of thinking is best described as A. a set of economic rules han
ID: 1151861 • Letter: T
Question
The economic way of thinking is best described as
A.
a set of economic rules handed down from one generation to the next.
B.
the glossary of terms at the back of your textbook.
C.
the collected writings of the economics Nobel Prize winners.
D.
an analytical framework enabling one to reach informed conclusions.
Suppose
a student
is trying to decide whether or not to
take another economics class another .
Which of the following is not an aspect of the economic way of thinking that would apply in this? decision-making process?
A.
Responding to incentives.
B.
Flipping a coin.
C.
Rationality.
D.
?Self-interest.
To which of the following? household-type(s) does the phrase? "unlimited wants'
and 'limited resources'
?apply?
I. A? low-income household
II. A? middle-income household
III. A? high-income household
A.
II only .
B.
I only.
C.
Both I and? II, but not III.
D.
?I, II, and III.
One reason that economists use microeconomics as the basis of macroeconomic analysis is
A.
microeconomic analysis was developed before macroeconomic analysis.
B.
macroeconomics is just microeconomics applied to different questions.
C.
that all choices are made by individuals and firms.
D.
that the small details are more important than the large overview.
The three fundamental economic questions that a nation addresses in order to allocate? society's scarce resources include all of the following ?except:
A.
For whom will the items be? produced?
B.
What and how much will be? produced?
C.
How will the items be? produced?
D.
Why will the items be? produced?
Explanation / Answer
1. D. An analytical framework enabling one to reach informed conclusions.
Using the available information a person can make an analytical framework and he willl be able to choose the best economic decisions among choices. The economic decison making is completely depended on the available information. The collected writings of the Noble prize winners shows the economic perception of the different people.
2. B. Flipping a coin.
The people are rational and self interested and will respond to incentives. So when they takes a decision they consider all of these. Flipping a coin is all about the luck he has
3. D. I, II and III.
Irrespective of the income, the principle of 'unlimited wants and limited resources' is applicable to every one. All the people have unlimited wants.
4. B. Macroeconomics is just microeconomics applied to different questions.
The macro economics is based on the micro economic foundations so the micro economics will be applicable to macro economic questions.
5. D. Why will the items be produced.
The three major economic questions are what to produce and how to produce and for whom to produce.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.