What is the best test of an economic theory?   a. Whether it produces implications that are favored by the researcher.   b. Its ability to predict real-world events, patterns, and changes.   c. Its eloquence.   d. The plausibility of its assumptions.

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What are the general philosophies of any two of the following famous economists? Is it possible to get help understanding why they are so significant? John Maynard Keynes, Milton Friedman, Adam Smith, Karl Marx, John Stuart Mills, Friedrich Hayek.

Identify the kinds of things you purchase with your money. Now, think of as many alternative uses for your money as you can. If you have not done this often, begin doing it little by little, even for small purchases such as a pack of gum or can of soda.   How does this relate to opportunity costs?   How do your decisions relate to scarcity?   Analyze the relationship between your purchases and budget constraints.   How does this impact the circular flow model?   Explain reasoning and show it graphically, utilizing the circular flow model. You may use yourself as an example to demonstrate this in the circular flow model.

Classify the following topics as relating to microeconomics or macroeconomics. The family’s decision about how much income to spend on food. The effect of government regulations on auto emissions. The impact of higher public savings on economic growth. A monopolist’s decision about how many units to sell. The relationship between the inflation rate and the unemployment rate.

Interest rates rise on your savings account at your bank, and you decide to save 5% more from your paycheck to take advantage of the increased rates. Which of the six core principles of the economic way of thinking does this decision illustrate? People Make Choices The Consequences of Choices Lie in the Future

Why economics is a relevant subject, and why it's important?

i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…

Is the development of economic theory random, or are there causal forces at work? explian

Which of the following statements is FALSE? a.) Economists seek to apply the scientific method to social science questions. b.) Experimentation is the core of most economic analysis. c.) The validity of an economic assumption depends on context. d.) Models can provide useful insights even though they are simplifications of reality.