Macroeconomics Pearson (Acemoglu/Laibson/List)
Ch 1 2026/2027 With Complete Solutions
economic agent - correct answer<✔✔💖💖an individual or a group that makes choices
scarce resources - correct answer<✔✔💖💖things that people want, where the quantity that
people want exceeds the quantity that is available
scarcity - correct answer<✔✔💖💖the situation of having unlimited wants in a world of limited
resources
economics - correct answer<✔✔💖💖the study of how agents choose to allocate scarce resources
and how those choices affect society
positive economics - correct answer<✔✔💖💖analysis that generates objective descriptions or
predictions, which can be verified with data.
normative economics - correct answer<✔✔💖💖an analysis that recommends what an individual or
society ought to do
microeconomics - correct answer<✔✔💖💖the study of how individuals, households, firms, and
governments make choices, and how those choices affect prices, the allocation of resources, and the
well-being of other agents
macroeconomics - correct answer<✔✔💖💖the study of the economy as a whole. It is the study
economy-wide phenomena, like the growth rate of a country's total economic output, the inflation rate,
or the unemployment rate
optimization - correct answer<✔✔💖💖means picking the best feasible option, given whatever
(limited) information, knowledge, experience, and training the economic agent has. Economists believe
that economic agents try to optimize but sometimes make mistakes
Ch 1 2026/2027 With Complete Solutions
economic agent - correct answer<✔✔💖💖an individual or a group that makes choices
scarce resources - correct answer<✔✔💖💖things that people want, where the quantity that
people want exceeds the quantity that is available
scarcity - correct answer<✔✔💖💖the situation of having unlimited wants in a world of limited
resources
economics - correct answer<✔✔💖💖the study of how agents choose to allocate scarce resources
and how those choices affect society
positive economics - correct answer<✔✔💖💖analysis that generates objective descriptions or
predictions, which can be verified with data.
normative economics - correct answer<✔✔💖💖an analysis that recommends what an individual or
society ought to do
microeconomics - correct answer<✔✔💖💖the study of how individuals, households, firms, and
governments make choices, and how those choices affect prices, the allocation of resources, and the
well-being of other agents
macroeconomics - correct answer<✔✔💖💖the study of the economy as a whole. It is the study
economy-wide phenomena, like the growth rate of a country's total economic output, the inflation rate,
or the unemployment rate
optimization - correct answer<✔✔💖💖means picking the best feasible option, given whatever
(limited) information, knowledge, experience, and training the economic agent has. Economists believe
that economic agents try to optimize but sometimes make mistakes
