What are unemployment and inflation

Question

Questions:

Question 1
The economic way of thinking includes:
concern with the biological make up of decision makers.
the assumption that individuals choose to average out some objective.
emphasis on how choices affect total values rather than marginal values.
attention paid to the opportunity costs involved in any choice.

Question 2
Statements that are a hypothesis or statement of fact are:
positive.
pecuniary.
normative.
nominal.

Question 3
A free good is one that can be acquired without sacrifice.
true
false

Question 4
The "all other things unchanged" assumption is useful because it:
helps to approximate real-world conditions.
is a vehicle for determining whether a particular outcome is "good" or "bad.".
states the main economic objectives.
helps to restrict analysis to the effect of a single economic factor.

Question 5
The problem of determining what goods and services society should produce exists because:
resources are plentiful.
resources are scarce.
most of our resources are socially rather than privately owned.
most of our resources are privately rather than socially owned.

Question 6
A free good is different from a scarce good because it is:
found only in nature.
not tradable.
not produced.
not scarce.

Question 7
"Since economics is a science, economists must not become involved in making any value judgments in their formulation of policy." Do you agree with this statement? Explain.

Question 8
Unemployment and inflation are:
unique only to capitalistic economies.
not relevant in the U.S. economy today.
very important in the study of microeconomics.
major topics in macroeconomics.

Question 9
An answer to the question "How are goods produced?" determines:
how tastes and preferences are determined.
how resources are combined in the production of goods.
who receives the goods that are produced.
the types and quantities of goods and services produced.

Question 10
The BEST example of making a choice at the margin is:
a coffee drinker drinking another cup of coffee.
attending college.
quitting your job.
buying a new car.