Exam 1: Introduction: What Is Economics

The example about London's congestion problem illustrates which of the following economic ways of thinking?

Which of the following is not a microeconomic question?

Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processor draw correct conclusions."

The worldwide recession in 2007 started from:

Recall Application 2,"Economic Solution to Spam," to answer the following questions: -According to the application, one economic solution to spam is to:

Microeconomic analysis can be used to:

Ceteris paribus is the Latin expression meaning:

Which of the following is not an example of a marginal question?

If a variable is 100 and then increases to 150, then using the average value approach its percentage growth is:

A single variable can be illustrated as

In a modern market economy, most of the answers to the questions of what to produce, how to produce it, and who should get the production are made by:

A pie chart show the relationship between two variables.

Which of the following is not a question answered with normative economic reasoning?

According to the book, what are the four elements of economic thinking?

Adam Smith is:

When economists assume that people are rational and respond to incentives, they mean:

When after seeing the current mortgage interest rates and immediately deciding to start the search for a new house, you are using:

The factors of production include

Give an example of something that is scarce in your life and explain the choices you've made because of scarcity.

Why are fast growing economies predicted to grow even faster in the future?