Homework 1 EC 2306 Section 1 Multiple choice. (4 points each) l. Which of the fo

Question

Homework 1 EC 2306 Section 1 Multiple choice. (4 points each) l. Which of the following would be a micro economic topic? Determining what will occur in the market for oranges when there is an early freeze Determining what will occur to inflation when the government increases taxes. c. Determining the affecets of a war in Irag on the price of steel. d. Both a and c. e. None of the above. 2. Which of the following is a nommative statement? a· The interest rate cut will lower unemployment. The War in Iraq has hurt the economy. Unemployment is increasing d. Bush's tax cuts increased the national debt. o e. Both b and d are normative statements 3. Producing things at least cost is the definition of which of the following?, at m a. Full employment, b. Full production. Productive efficiency . Allocative efficiency e. None of the above. 4. Which of the following would cause us to operate inside the PPF? a. A change in the number of resources. b. Not fully utilizing our resources. C. Opportunity costs increasing. All of the above. e. None of the above. 5. Which of the following is an example of a product made available in the US throuch a. A shirt bought at a store. c.) Elderly being cared for by their children. a traditional part of the economy? Shoes bought from a friend. Children being educated in public schools. There here are no traditional aspects to the US economy There are no e.

Explanation / Answer

1. d

2.a

3.e

4.e

5.d

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