Question 1: How much office space a single firm chooses to rent, minimum wage changes, and apartment rents in a single neighborhood are all examples of ______ (microeconomic/macroeconomic) concerns.

Question 2: Which of the following statements are examples of normative economic analysis? Select all that apply.

A. Increasing gasoline taxes would increase government revenue.

B. The first priority of the government of the United States should be to increase economic growth.

C. Several Philadelphia council members voted to increase the minimum wage.

D. A tariff should be implemented on steel imports.

Question 3: Carl stubbed his toe, then it rained an hour later. Carl now believes that every time he stubs his toe, it will rain. This is an example of...

A. fallacy of composition

B. post hoc, ergo propter hoc fallacy

C. the invisible hand

D. ceteris paribus

Question 4: A restaurant worker being paid the same wage as their management is an example of ________________.

A. efficiency

B. stability

C. growth

D. equity

Question 10: Which of the following is NOT an example of an explicit cost of attending SJU?

A. Tuition

B. The education you could have received at another university

C. The gas you use to drive to class

D. Room and board expenses

E. All of the above are explicit costs

Question 11: Which of the following is an example of an implicit cost of choosing to sleep in?

A. The satisfaction you could have received if you went for an early morning run

B. The breakfast you could have made yourself if you hadn't slept in

C. The forgone income you could have earned by starting work earlier

D. All of the above

E. None of the above