ECON 100 - MINI QUIZ 1 QUESTIONS AND CORRECT ANSWERS

ECON 100 - MINI QUIZ 1 QUESTIONS
AND CORRECT ANSWERS
Definition of opportunity cost ✅✅CORRECT ANSW-what you must give up in order to gain more
of something else



Shift up in PPF ✅✅CORRECT ANSW-Technology improves, more resources discovered



Shift down in PPF ✅✅CORRECT ANSW-technology is depleted, infrastructure is deteriorating



definition of PPF ✅✅CORRECT ANSW-production possibilities frontier



Schumpter EM ✅✅CORRECT ANSW-empirical method is objective, it can establish the facts.
Subjectivity in step 1



myradal EM ✅✅CORRECT ANSW-the political element in the development of economic theory.
Values in the facts.



example of labor market ✅✅CORRECT ANSW-higher skills translate into higher income. more
years of school equals higher wage



Step 1 of Empirical Method ✅✅CORRECT ANSW-Develop assumptions about the economy



Step 2 of Empirical Method ✅✅CORRECT ANSW-Identify categories and then develop variables to
measure those categories



Step 3 of Empirical Method ✅✅CORRECT ANSW-State hypothesis about relationship between
variables



Step 4 of Empirical Method ✅✅CORRECT ANSW-Collect data to test hypothesis