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Demand Movement Factors and Shift Factors Quiz

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Demand Movement Factors and Shift Factors Quiz

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Questions and Answers

What is the best example of making decisions at the margin?

C. Pekkei was not planning to attend college this semester, but then she decides to take 12 units worth of classes.

Which key concept in economics is best represented by the economist's observation about the tax increase on cigarettes?

B. Looking for unintended effects

What is a condition often used in economics to isolate the relationship between two variables?

Ceteris paribus

What is the best way to evaluate a theory?

According to how well it predicts. Signup and view all the answers

In economics, what does the attempt to determine 'what is' always involve?

Positive economics Signup and view all the answers

Define the term 'Utility' in the context of economics.

Satisfaction or happiness derived from consuming a good or service. Signup and view all the answers

What does the term 'Efficiency' refer to in economics?

Maximizing output with given inputs or minimizing inputs to produce a given output. Signup and view all the answers

Explain the concept of 'Abstraction' in economics.

The process of removing characteristics from a model to simplify it. Signup and view all the answers

What type of issues does macroeconomics focus on?

Macroeconomic issues Signup and view all the answers

Which branch of economics deals with individual markets and decision-making units?

Microeconomic issues Signup and view all the answers

Differentiate between positive economics and normative economics.

Positive economics deals with facts and 'what is', while normative economics deals with opinions and 'what should be'. Signup and view all the answers

What role does mathematics play in evaluating economic theories?

The level of mathematics within the theory is not the sole criteria for evaluation. Signup and view all the answers