ECON 528 Final Exam Review – Questions With
Comprehensive Solutions
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Terms in this set (50)
The best definition of economics is: B) how choices are made under conditions of
A) how goods and services are scarcity
produced.
B) how choices are made under
conditions of scarcity.
C) how businesses maximize profits.
D) how money is used.
Managerial economics is best A) how businesses can decide on the best use of
defined as the economic study of: scarce resources
A) how businesses can decide on the
best use of scarce resources.
B) how businesses can make the most
profits.
C) how businesses can sell the most
products.
D) how businesses can operate at the
lowest costs.
, A firm's managers are constrained by: D) All three
A) workers.
B) government.
C) consumers.
D) All three.
Most private firms seek to: D) maximize profit
A) minimize headcount.
B) maximize revenue.
C) maximize employee salaries.
D) maximize profit.
Einstein was quoted saying D) All of these
"Everything should be made as
simple as possible, but not simpler."
When it comes to economic models
this means that:
A) models shouldn't be too simple.
B) models should have a level of
abstraction appropriate to the topic
investigated.
C) models shouldn't be too complex.
D) All of these.
Economic models are only useful in A) False, economic models can used to predict
analyzing government policy. individual and firm behavior.
A) False, economic models can be
used to predict individual and firm
behavior.
B) False, economic models are not
even useful in analyzing government
policy.
C) True, individuals are irrational and
therefore economic models are
useless.
D) True, economists only model those
questions for which they are hired.
Comprehensive Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (50)
The best definition of economics is: B) how choices are made under conditions of
A) how goods and services are scarcity
produced.
B) how choices are made under
conditions of scarcity.
C) how businesses maximize profits.
D) how money is used.
Managerial economics is best A) how businesses can decide on the best use of
defined as the economic study of: scarce resources
A) how businesses can decide on the
best use of scarce resources.
B) how businesses can make the most
profits.
C) how businesses can sell the most
products.
D) how businesses can operate at the
lowest costs.
, A firm's managers are constrained by: D) All three
A) workers.
B) government.
C) consumers.
D) All three.
Most private firms seek to: D) maximize profit
A) minimize headcount.
B) maximize revenue.
C) maximize employee salaries.
D) maximize profit.
Einstein was quoted saying D) All of these
"Everything should be made as
simple as possible, but not simpler."
When it comes to economic models
this means that:
A) models shouldn't be too simple.
B) models should have a level of
abstraction appropriate to the topic
investigated.
C) models shouldn't be too complex.
D) All of these.
Economic models are only useful in A) False, economic models can used to predict
analyzing government policy. individual and firm behavior.
A) False, economic models can be
used to predict individual and firm
behavior.
B) False, economic models are not
even useful in analyzing government
policy.
C) True, individuals are irrational and
therefore economic models are
useless.
D) True, economists only model those
questions for which they are hired.
