The science that studies unemployment, inflation, and economic stability
Instructions:
1- The assignment contains three parts: Part I, Part II and Part III. Answer all parts.
2- The total marks of assignment one is 10 marks.
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Order Paper Now3- Your answers should be submitted before 02/11/2020 @11:00PM, after this date it will not accepted and not graded.
4- After correcting assignment, your instructor will inform your grade.
| Question | Part I | Part II | Part III | Total | Out of 10 |
| Maximum Points | 10 | 20 | 20 | 50 | 10 |
| Points Obtained |
|
/5= |
Part I
Multiple Choice Questions (10 marks)
| 1 | Which of the following best defines the subject of economics? | Your answer | |||
| A | the art of making money
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B | the study of choices that businesses make to maximize profit |
D |
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| C | the science that studies unemployment, inflation, and economic stability | D | the study of choices made to cope with scarcity | ||
| 2 | ” Over the long term inflation is less a problem than unemployment” is an example of : | answer | |||
| A | A positive statement | B | A statement that could never be true |
D |
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| C | A statement that suffers from a logical error | D | A normative statement | ||
| 3 | Which of the following statements relates to the concept of efficiency? | Your answer | |||
| A | Being able to produce more of one good only by producing less of something else. | B | Using resources as effectively as possible |
B |
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| C | The absence of waste | D | All of the above. | ||
| 4 | After Rayan received a raise in his income, he began buying more Ice Cream Cones and fewer Popsicles. For Rayan Popsicles is: | Your answer | |||
| A | A joint product | B | A normal good |
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| C | An inferior good | D | A complementary good with Ice Cream | ||
| 5 | Which of the following will shift the supply curve for textbook to the left: | Your answer | |||
| A | A decrease in the demand of substitutes in production | B | A decrease in taxes on textbook suppliers | ||
| C | An increase in printing costs | D | Government subsidies textbook suppliers |
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