Suppose a student

Question

is trying to decide whether or not to take another economics class
.
Which of the following is not an aspect of the economic way of thinking that would apply in this​ decision-making process?
Part 2
A.
Flipping a coin.
B.
​Self-interest.
C.
Responding to incentives.
D.
Rationality.

Answer 1

A. Flipping a coin.

Answer 2

The ultimate purpose of economics is
Part 2
A.
to motivate people so they work harder.
B.
to study how individuals make choices.
C.
to teach us how to make money.
D.
to enable one to make predictions on what the stock market is going to do.

Answer 3

B. to study how individuals make choices.

Answer 4

What is the difference between microeconomics and​ macroeconomics?
Part 2
A.
Microeconomics is the study of decision making undertaken by individuals while macroeconomics looks at the behavior of the economy as a whole.
B.
Microeconomics lends itself to empirical analysis while macroeconomics uses the concept of incentives.
C.
Microeconomics deals with positive analysis while macroeconomics deals with normative analysis.
D.
Microeconomics examines the big picture while macroeconomics examines individual units.

Answer 5

A. Microeconomics is the study of decision making undertaken by individuals while macroeconomics looks at the behavior of the economy as a whole.

Answer 6

Which of the following would be a topic of study in microeconomics
​?
A.
Federal government spending
.
B.
Unemployment
.
C.
Inflation
.
D.
The amount of steel purchased by General Motors

Answer 7

D. The amount of steel purchased by General Motors.