biplabmondal

biplabmondal

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BIPLAB MONDALC.V. Raman Global University

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I am a computer science undergrad. I love exploring new technologies and imposing them to solve real-life problems. I'm driven by the will to create an impact and encourage div...

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Law1Computer Science2Calculus10Physics1Economics6
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The economic way of thinking is best described as

A.

a set of economic rules handed down from one generation to the next.

B.

the glossary of terms at the back of your textbook.

C.

the collected writings of the economics Nobel Prize winners.

D.

an analytical framework enabling one to reach informed conclusions.

Suppose

a student

is trying to decide whether or not to

take another economics class another .

Which of the following is not an aspect of the economic way of thinking that would apply in this? decision-making process?

A.

Responding to incentives.

B.

Flipping a coin.

C.

Rationality.

D.

?Self-interest.

To which of the following? household-type(s) does the phrase? "unlimited wants'

and 'limited resources'

?apply?

I. A? low-income household

II. A? middle-income household

III. A? high-income household

A.

II only .

B.

I only.

C.

Both I and? II, but not III.

D.

?I, II, and III.

One reason that economists use microeconomics as the basis of macroeconomic analysis is

A.

microeconomic analysis was developed before macroeconomic analysis.

B.

macroeconomics is just microeconomics applied to different questions.

C.

that all choices are made by individuals and firms.

D.

that the small details are more important than the large overview.

The three fundamental economic questions that a nation addresses in order to allocate? society's scarce resources include all of the following ?except:

A.

For whom will the items be? produced?

B.

What and how much will be? produced?

C.

How will the items be? produced?

D.

Why will the items be? produced?

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Economics is the study of

a how to make money.
b how scarce resources are allocated among competing uses.
c how to find the highest-paying job.
d allocating unlimited resources among limited uses.
e banks and interest rates.

One of the primary functions of an economic system is to

a provide social cohesion.
b provide a "safety net" for the unemployed.
c promote income equality.
d provide maximum wealth for those in power.
e provide a mechanism for allocating goods and services.

A market-based economic system allocates goods and services among demanders based on

a political party affiliation.
b reputation.
c social class.
d tradition.
e price.

By "scarcity" economists mean that

a there is never enough money available.
b good help is hard to find.
c there are not enough resources available to produce and consume all that we desire.
d there is very little of many useful things.
e people are wasteful with resources.

The three main questions economics addresses are

a how to save, how to spend, and how to invest.
b the institutional, theoretical, and policy implications of money.
c macroeconomic, microeconomic, and minieconomic questions.
d what to produce, how to produce it, and for whom to produce.
e positive, normative, and realist issues.

Marginal analysis

a compares the costs and benefits of all the units combined.
b is rarely used in economics.
c compares the costs and benefits of the most desired alternative forgone.
d compares the costs and benefits of the last unit of an activity, rather than all the units combined.
e compares the quality of the last unit of an activity.

The purpose of economic models is to

a consider all possible factors in explaining economic events.
b understand, explain, and predict economic events.
c understand, but not predict, economic events.
d avoid the use of simplifying assumptions.
e have an exhaustive description of economic phenomenon.
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