TM - Chapter 1 Final Exam Prediction Questions.
TM - Chapter 1 Final Exam Prediction Questions. People exhibit _________ behavior when they make their choices to achieve their goals in the most effective way possible. - CORRECT ANSWER Rational A ________ is anything that can be used to make something of value. - CORRECT ANSWER Resource In answering the third question economists use to break down problems — "How will others respond?" — economists commonly make two assumptions. These are: - CORRECT ANSWER People respond to incentives, and when you change something there will be a response. Which of the following are unprofitable ideas that could be a goal other than profit? - CORRECT ANSWER Creating art Promoting social justice Scarcity occurs because - CORRECT ANSWER wants that exceed available resources. When the government prevents transactions from occurring normally, this is an example of market ________. - CORRECT ANSWER Intervention What are the four questions asked by economists to break down problems? - CORRECT ANSWER What are the trade-offs? Why isn't someone already doing it? How will others respond? What are the wants and constraints of those involved? If an economic model predicts cause and effect, describes the word accurately, and has clear assumptions, then it is considered to be - CORRECT ANSWER A good model.
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