Which of the following is the study of “what is” rather than “what ought to be”?
Question 1Which of the following is the study of “what is” rather than “what ought to be”?
normative theory
institutionalism
subjectivism
positive theory
Question 2Along with the other social sciences, economics is specifically and primarily concerned with __________.
the behavior of human beings both as individuals and in groups
the actions of international monetary agencies
the laws of mathematics as they apply to decision making
the economic practices of international agencies
Question 3Irene, who is an economist, tells Ronald, who is a business columnist, that if interest rates remain this low, she expects next year’s inflation rate to be 7%. This statement is a(n) __________.
positive theory
microeconomic calculation
prediction that derives from a model
economic forecast
Question 4In a market economy system, who most often enforces property rights?
the government
consumers
central planners
businesses
Question 5Which of the following is LEAST likely to be a public good?
a park
an army
a party
a sunset
Question 6Which of the following would be described as capital by an economist?
a corporation’s petroleum reserves
the power lift in a service station
common stocks
government bonds
Question 7The directing function of prices ensures that __________.
consumers and businesses participate in proper markets
production will increase for goods with more intense demands
consumers know how to get correct market information
prices will always move in the right direction
Question 8Best Western University wants to increase the size of its student body by shifting the demand curve for its educational services to the right. Which of the following will most likely NOT shift its demand curve to the right?
a “best buy” rating in a national magazine
an improved record in student job placements
really popular, winning sports teams
lower tuition and lower prices on textbooks
Question 9Following the law of demand, if the U.S. Postal Service raises the price of first-class mail, ceteris paribus, what will happen to the demand for postage stamps?
Demand will increase.
Demand will be unchanged, but quantity demanded will fall.
Demand will decrease.
Demand will be unchanged, but quantity demanded will rise.
Question 10What does an economist suggest that efficient allocation of resources by the market means?
Producers determine what to produce, and consumers buy it.
Adam Smith’s “invisible hand” has been circumvented.
Every individual who wants a product gets it.
The products desired by a society are produced.
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