04 Jun Topic: The Three Key Economic Questions: What, How, and Who?
Question
21) Economic models are used to
A) explain every detail of an economic theory.
B) explore decision making by individuals, firms and other organizations.
C) build physical renditions of government construction projects.
D) represent the complexities of economic environments.
Topic: Economic Models
22) Talking about alternatives is the first step in a process that helps us make better choices about how we use our resources.
23) In the past few centuries, choices have led to a substantial decline in the standards of living around the globe.
Skill: Fact
24) Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
25) Positive economics answers the question, “What ought to be?” Normative economics predicts the consequences of alternative actions, answering the questions, “What is?” or “What will be?”
Topic: Positive versus Normative Analysis
26) Normative economics answers the question, “What ought to be?” Positive economics predicts the consequences of alternative actions, answering the questions, “What is?” or “What will be?”
Topic: Positive versus Normative Analysis
27) Most modern economic analysis is normative in nature, but involves questions with positive aspects.
Topic: Positive versus Normative Analysis
Skill: Fact
28) Economists will always reach the same conclusion in their positive analyses.
Topic: Positive versus Normative Analysis
29) One of the key economic questions is “where should products be produced?”
Topic: The Three Key Economic Questions: What, How, and Who?
30) One of the key economic questions is “who consumes the products?”
Topic: The Three Key Economic Questions: What, How, and Who?
31) An economic model is a detailed version of an economic environment.
Topic: The Three Key Economic Questions: What, How, and Who?
32) Economic models explore decision making by individuals, firms and other organizations.
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