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ECON 202 CHAPTER 1 HOMEWORK QUESTIONS WITH COMPLETE ANSWERS

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ECON 202 CHAPTER 1 HOMEWORK QUESTIONS WITH COMPLETE ANSWERS

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The statement that the United States has a budget deficit that is in excess of $15
trillion is a ___________ statement since it describes what people ____________.


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positive, actually do




policy decisions made by the government are analyzed by


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both microeconomics and macroeconomics




lower infant mortality is _________ and an improvement in nutrition is _____________.

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an effect, the cause




The ethical implications of a hotly debated government policy would best be
considered a


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normative question, since it deals with a subjective issue based on personal
preferences.




macroeconomics studies


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the economy as a whole




empiricism describes a situation where


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economists use data to analyze what is happening in the world




optimization describes a situation where

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