Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 1QCMC
To determine
The definition of an economic model.
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Students have asked these similar questions
Economic Models?
a. are essential representations of the real world
b. are used to explain how people think
c. are never used for making economic projections or predictions
d. are used to explain how people behave
Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a whole
What is economics?
A social science that teaches one how to cope with scarcity.
A discipline that quantifies the values of assets.
A quantitative science to analyze business cycles.
A science that teaches firms and individuals how to maximize profits.
Chapter 2 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Each of the following situations requires some trade-offs. You are supposed to analyze and discuss a few trade-offs with respect to each of the given situation. d. A student in Karachi who's recently finished his BS in Computer Science wants to decide whether to start his MS in Computer Science. e. A lower income family wants to decide whether to buy a new car.arrow_forwardEconomics is the study of all of the following except:a. how the prices of goods and services are determinedb. how people make decisions, given scarce resourcesc. how to eliminate scarcity with new ideas and inventionsd. how buyers and sellers interact in a marketPlease don't use any ai tool.arrow_forwardMacroeconomics is the study of a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and servicesarrow_forward
- Normative economics is: a. An investigation or statement about the norms and culture of other countries. b. An investigation or statement that attempts to describe how the world should be or ought to be. c. An investigation or statement about the positive benefits of a given country.arrow_forwardcreate 2 ideas if you were creating a topic idea based off of the information below It must be a MACRO topic economics theory is applied. a thorough understanding of particular economic concepts/theories; that you can apply those concepts/theories to analyze daily events.arrow_forwardPositive economics is: a. An investigation or statement that attempts to examine or understand how the world actually operates or how the world is operating. b. An investigation or statement about the norms and culture of other countries. c. An investigation or statement that attempts to describe how the world should be or ought to be. d. An investigation or statement about the positive benefits of a given country.arrow_forward
- Who are the forerunners and father of Economics. Explain and discuss their contribution in the field of economics.arrow_forwardQuestion 5 for a, b and c. Macroeconomics.arrow_forwardWhy do economists use models? to learn how the economy works to attract the attention of government officials to make economics accessible to the public to make sure that all of the details of the economy are included in their analysis Next Page Page 20 of 21arrow_forward
- Choose a simple economic term and explain it.arrow_forwardWhat 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.arrow_forward1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s decision about how much income to save b. The effect of government regulations on auto emissions c. The impact of higher national saving on economic growth d. A firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. 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. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingarrow_forward
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