Economic Perspective - 2203 Words

SS141 Macro-Economics Professor Patrick Yanez Study Questions – Chapter 1 These questions are to facilitate your discussion groups and/or tutoring sessions. Answers are listed at the end of this file. Since our class time is limited to introducing new topics, we do not have time to review these questions in class; please use your discussion group and/or tutoring session to review these questions. 1. For economists, the word utility means: A) versatility and flexibility. B) rationality. C) pleasure and satisfaction. D) purposefulness. 2. In economics, the pleasure, happiness, or satisfaction received from a product is called: A) marginal cost. B) rational outcome. C) status fulfillment. D) utility. 3. According to economists,†¦show more content†¦C) a principle. D) an anomaly. 21. Economists: A) use both the economic perspective and the scientific method. B) use the economic perspective but not the scientific method. C) make positive economic statements, but not normative economic statements. D) reject theorizing as being impractical. 22. The scientific method is: A) not applicable to economics, because economics deals with human beings. B) also known as the economic perspective. C) analysis that moves from broad generalizations called laws to theories and then to hypotheses. D) used by economists and other social scientists, as well as by physical scientists and life scientists. 23. The process by which economists test hypotheses against facts to develop theories, principles, and models is called: A) the economic perspective. B) the scientific method. C) policy economics. D) microeconomics. 24. Economic theories: A) are useless because they are not based on laboratory experimentation. B) that are true for individual economic units are never true for the economy as a whole. C) are generalizations based on a careful observation of facts. D) are abstractions and therefore of no application to real situations. 25. Theoretical economics: A) is also known as policy economics. B) is the process of deriving principles of economics. C) is highly impractical since it does not deal with the real world. D) rejects the scientific method as being inappropriate for the social sciences. Page 4 26. In constructing models,Show MoreRelatedMarket Structure Of An Economics Perspective Essay1728 Words   |  7 PagesIntroduction Market structure from an economics perspective is defined as the characteristics of the market that impacts the behavior or way firms operate, which economists use to determine the nature of competition, and pricing tactics of businesses in the market. 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