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foundations of economics

Questions and Answers of Foundations Of Economics

Fill in the blanks:Economics is the study of the choices we make among our many _____________ and _____________.
Fill in the blanks:Because we all have different _____________, scarcity affects everyone differently.
Fill in the blanks:Scarcity ultimately leads to _____________ for the available goods and services.
Fill in the blanks:Scarce goods created from scarce resources are called _____________ goods.
Fill in the blanks:_____________ are intangible items of value, such as education, provided to consumers.
Fill in the blanks:_____________ goods include fairness, friendship, knowledge, security, and health.
Fill in the blanks:Entrepreneurs are always looking for new ways to improve _____________ or _____________. They are lured by the chance of making a _____________.
Fill in the blanks:Capital includes human capital, the _____________ people receive from _____________.
Fill in the blanks:The scarce resources that are used in the production of goods and services can be grouped into four categories: _____________, _____________, _____________, and _____________.
Fill in the blanks:Something may be rare, but if it is not ___________ it is not scarce.
Fill in the blanks:As long as human _____________ exceed available _____________, scarcity will exist.
What is a pie chart? Bar graph? Time-series graph? Scatter diagram?
Use the information in the following table to plot a graph. Is it a positive or negative relationship? What is the slope?X Y 1 2 2 4 3 6 4 8 5 10
Below is Emily’s demand curve for iTunes. How do we add income, a third variable, to price and quantity purchased on our graph? Using a graph, explain what would happen if Emily had an increase in
Which of the following will lead to a positive relationship? A negative relationship?a. Hours studied and grade in a courseb. The price of ice cream and the amount of ice cream purchasedc. The amount
The following table gives the prices and quantity demanded of oranges (pounds) for the week of December 10–16.Price ($/lb.) Quantity Demanded (lbs.)$.80 0.70 3.60 4.50 5.40 7a. Plot the data from
Answer the following questions:a. What is the difference between self-interest and selfishness?b. Why does inaction have consequences?c. Why are observation and prediction more difficult in economics
Are the following statements normative or positive, or do they contain both normative and positive statements?a. A higher income-tax rate would generate increased tax revenues. Those extra revenues
Do any of the following statements involve fallacies? If so, which ones do they involve?a. Because sitting in the back of classrooms is correlated with getting lower grades in the class, students
Are the following topics ones that would be covered in microeconomics or macroeconomics?a. the effects of an increase in the supply of lumber on the home-building industryb. changes in the national
Which of the following is a statement of positive analysis?a. New tax laws are needed to help the poor.b. Teenage unemployment should be reduced.c. We should increase Social Security payments to the
Which of the following correlations is likely to involve primarily one variable causing the other, rather than a third variable causing them both?a. The amount of time a team’s third string plays
Ten-year-old Tommy observes that people who play football are larger than average and tells his mom that he’s going to play football because it will make him big and strong. Tommy isa. committing
Which of the following statements can explain why correlation between Event A and Event B may not imply causality from A to B?a. The observed correlation may be coincidental.b. A third variable may
The importance of the ceteris paribus assumption is that ita. allows one to separate normative economic issues from positive economic ones.b. allows one to generalize from the whole to the
Economists use theories toa. abstract from the complexities of the world.b. understand economic behavior.c. explain and help predict human behavior.d. do all of the above.e. do none of the above.
Which of the following is most likely a topic of discussion in macroeconomics?a. an increase in the price of a pizzab. a decrease in the production of VCRs by a consumer electronics companyc. an
When economists assume that people act rationally, it means theya. always make decisions based on complete and accurate information.b. make decisions that will not be regretted later.c. do the best
Which of the following would reflect self-interested behavior to an economist?a. worker pursuing a higher-paying job and better working conditionsb. consumer seeking a higher level of satisfaction
Economics is concerned witha. the choices people must make because resources are scarce.b. human decision makers and the factors that influence their choices.c. the allocation of limited resources to
If scarcity were not a fact,a. people could have all the goods and services they wanted for free.b. it would no longer be necessary to make choices.c. poverty, defined as the lack of a minimum level
Which of the following is true of resources?a. Their availability is unlimited.b. They are the inputs used to produce goods and services.c. Increasing the amount of resources available could
A hypothesis is a normative statement. True or False
The majority of disagreements in economics stem from normative issues. True or False
Normative analysis involves subjective, nontestable statements. True or False
A positive statement must be both testable and true. True or False
Microeconomics would deal with the analysis of a small individual firm, while macroeconomics would deal with large global firms. True or False
Determining whether an economic hypothesis is acceptable is more difficult than in the natural or physical sciences because, unlike a chemist in a chemistry lab, an economist cannot control all the
Economic theories do not abstract from the particular details of situations so they can better focus on every aspect of the behavior to be explained. True or False
Rationality implies that someone with a suspended driver’s license would not drive. True or False
According to the National Council of Economic Education, most adults tested in the United States performed well on economic literacy. True or False
Adam Smith described how self-interest can be a force for the common good. True or False
To say that people are rational is to assume that they never make mistakes. True or False
Self-interest cannot include benevolence. True or False
Living in a world of scarcity involves trade-offs. True or False
Choices are costly because we must give up other opportunities that we value. True or False
When our limited wants exceed our unlimited resources, we face scarcity. True or False
Fill in the blanks:“A tax increase will lead to a lower rate of inflation”is a(n) _____________ economic statement.
Fill in the blanks:_____________ analysis is descriptive; normative analysis is _____________.
Fill in the blanks:_____________ analysis involves judgments about what should be or what ought to happen.
Fill in the blanks:The objective, value-free approach to economics, based on the scientific method, is called _____________ analysis.
Fill in the blanks:The _____________ is the incorrect view that what is true for an individual is always true for the group.
Fill in the blanks:When one event brings on another event, it is called _____________.
Fill in the blanks:When two events usually occur together, it is called _____________.
Fill in the blanks:In order to isolate the effects of one variable on another, we use the _____________ assumption.
Fill in the blanks:_____________ analysis is the use of data to test a hypothesis.
Fill in the blanks:A(n) _____________ in economic theory is a testable prediction about how people will behave or react to a change in economic circumstances.
Fill in the blanks:Because of the complexity of human behavior, economists must _____________ to focus on the most important components of a particular problem.
Fill in the blanks:Economic _____________ are statements or propositions used to _____________ and _____________ patterns of human economic behavior.
Fill in the blanks:Rational self-interest implies that people do not make _____________ mistakes.
Fill in the blanks:Actions have _____________.
Fill in the blanks:Fill in the blanks:Economists believe that it is _____________ for people to anticipate the likely future consequences of their behavior.
Fill in the blanks:Economists assume that individuals act as if they are motivated by _____________ and respond in _____________ ways to changing circumstances.
Fill in the blanks:_____________ deals with the aggregate (the forest), or total economy, while _____________ deals with the smaller units (the trees) within the economy.
Fill in the blanks:Economics provided the tools to intelligently evaluate _____________ and make _____________.
Fill in the blanks: Living in a world of scarcity means _____________.
Fill in the blanks:The economic problem is that _____________ forces us to choose, and choices are costly because we must give up other opportunities that we _____________.
Fill in the blanks:Resources are _____________ used to produce goods and services.
Fill in the blanks:_____________ occurs because our wants exceed our limited resources.
Fill in the blanks:Economics is the study of the allocation of our _____________ resources to satisfy our _____________ wants for goods and services.
Is the statement “UFOs land in my backyard at least twice a week” a positive statement? Why or why not?
Why is the positive/normative distinction important?
What is normative analysis? Is normative analysis testable?
What is positive analysis? Must positive analysis be testable?
Why must economic theories be abstract?
What is the purpose of a theory?
What do economists mean by self-interest?
Why is economics worth studying?
■ What are economic goods?
■ What are tangible and intangible goods?
■ How do congregations’ religious ethics govern their financial decisions—in giving, spending, saving, investing, borrowing, allocating and other money matters?
■ How do religious beliefs affect how people choose to spend their money?
■ Does faith generate individual behavior that boosts the economy?
■ How does religion, or its suppression, affect economic growth?
■ How do religions compete with one another for “customers”?
■ How do people “buy” and “sell” what religious organizations have to offer?
If the base year is 2015, compare the growth rates of nominal GDP and real GDP in 2016. TABLE 2 (a) In 2015: Item Food Fun (b) In 2016: Item Food Fun Quantity 100 50 Quantity 75 65 Price $2 $6 Price
If the base year is 2015, use the chained-dollar method to calculate real GDP in 2015 and 2016. In terms of what dollars is each of these two real GDPs measured? TABLE 2 (a) In 2015: Item Food Fun
Using the chained-dollar method, compare the growth rates of nominal GDP and real GDP in 2016. TABLE 2 (a) In 2015: Item Food Fun (b) In 2016: Item Food Fun Quantity 100 50 Quantity 75 65 Price $2 $6
Using the chained-dollar method, calculate real GDP in 2015 and 2016. In terms of what dollars is each of these two real GDPs measured? TABLE 2 (a) In 2015: Item Food Fun (b) In 2016: Item Food Fun
Calculate the value of 2015 production in 2016 prices and the percentage increase in production when valued at 2016 prices. TABLE 2 (a) In 2015: Item Food Fun (b) In 2016: Item Food Fun Quantity 100
Calculate nominal GDP in 2015 and nominal GDP in 2016. TABLE 2 (a) In 2015: Item Food Fun (b) In 2016: Item Food Fun Quantity 100 50 Quantity 75 65 Price $2 $6 Price $5 $10
If the base year is 2016, compare the growth rates of nominal GDP and real GDP in 2016. TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item Bananas Coconuts Quantity 100 50 Price $10 $12
Using the chained-dollar method, compare the growth rates of nominal GDP and real GDP in 2016. TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item Bananas Coconuts Quantity 100 50 Price $10
Use the chained-dollar method to calculate real GDP in 2015 and 2016. In terms of what dollars is each of these two real GDPs measured? TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item
Calculate the value of 2015 production in 2016 prices and the percentage increase in production when valued at 2016 prices. TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item Bananas
Calculate the value of 2016 production in 2015 prices and the percentage increase in production when valued at 2015 prices. TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item Bananas
Calculate nominal GDP in 2015 and nominal GDP in 2016. TABLE 1 (a) In 2015: Item Bananas Coconuts (b) In 2016: Item Bananas Coconuts Quantity 100 50 Price $10 $12 Quantity Price 110 $15 60 $10
The unemployment rate is 4.9 percent, its level in 2008 before the recession. While it is unlikely that the United States will slip into recession this year, below-trend real GDP growth cannot be
The BLS reported that in December 2015, the labor force was 157.8 million, employment was 149.9 million, and the working-age population was 252.0 million.1. Calculate the unemployment rate and the

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