ECON EXAM 1 QUESTIONS & ANSWERS 2023-24

ECON EXAM 1 QUESTIONS & ANSWERS 2023-24 There is great concern over the fact that global warming is causing permanent damage to the global environment. A study of the costs and benefits of purchasing carbon offsets to combat global warming is an example of A) labor economics. B) normative economics. C) positive economics. D) laissez-faire economics. - ANSWER-C positive economics - ANSWER-Positive economics is a stream of economics that focuses on the description, quantification and explanation of economic developments, expectations and associated phenomena. It relies on objective data analysis, relevant facts and associated figures. normative economics - ANSWER-An approach to economics that analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action. Also called policy economics. Labor Economics - ANSWER-deals with the factors that determine wage rates, employment, and unemployment. How do people decide whether to work, how much to work, and at what kind of job? How have the roles of unions and management changed in recent years? Refer to Scenario 1.2. The collection and use of the data on automobile emissions and global warming levels is an example of A) law and economics. B) economic history. C) econometrics. D) empirical economics. - ANSWER-D