1) The term capitol, as used by economists, refers to____ A)Money B)The physical

ID: 1204576 • Letter: 1

Question

1) The term capitol, as used by economists, refers to____

A)Money

B)The physical space in which production occurs

C)The time allocated to producing goods and services

D)Financial securities such as stocks and bonds

E)Something that is long-lasting and used to produce goods and services.

2) Microeconomics topics include the overall unemployment rate in the United States and the rate of inflation. (TRUE/FALSE)

3) Which of the following is a positive statement?

A) Driving speeds should be lowered so that fewer accidents will occur.

B) When per capita income falls, fewer meals are consumed at restaurants

C) The minimum wage is too low; college students deserve a raise

D) Cigarette sales should be made illegal in order to reduce the incidence of cancer

E) Social Security is a good program for U.S. workers.

4) The statement “The unemployment rate in the U.S. is 5 percent” is ______

A) Statement of opinion

B) Positive statement that can be falsified

C) Lacking proper microeconomics foundations

D) Statistically anomaly

E) A philosophical difference of opinions regarding the nature and significance of statistical inference.

5) Which of the following are the best examples of subsitiute goods?

A) Personal computers and computer software programs

B) Milk and cookies

C) Packard Bell and IBM personal computers

D) Hotdogs and Mustard

E) Contact lenses and Lens cleaning solutions

1. Something that is long lasting and used to produce goods and services.

2. False

3.cigarette sales should be made illegal in order to reduce the incidence of cancer.

5. Packard bell and Ibm personal computer

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