INRODUCTION TO ECO0NOMICS MODELS

1)Why do you think economics is part of some class' curriculum? How can economics help you in everyday life?

2)Why do you think price stability is such an important macroeconomic goal? Discuss the consequences of inflation.

3)Why did rural families participate in the cottage industry?

4)Who wrote the Wealth of Nations where he explained the invisible hand?

5)Why are economic theories and principles imprecise? Shouldn't they apply to everyone?

6)Who is called the father of economics?

7)While command systems suffer from incentive problems, market economies _______. (a) have no incentive problems (b) suffer from incentive problems of their own (c) tend to resolve all problems by th...

8)Which one of the following statements does not indicate an important difference between traditional economics and ecological economics? a. Ecological economics places greater emphasis on the impor...

9)Which one of the following statements is not true? a. A production process is technologically efficient only if it is producing a given output at the lowest possible cost. b. If a process is econom...

10)Which of the following would not be classified as a macroeconomic question? a. How many people are employed in the economy as a whole? b. What determines the overall level of prices in the economy..