eco_212_week_5_final_examination

Apr 16th, 2015
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Alaska Pacific University
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Hi there.This document contains A+ work for the course ECO 212.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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1)The decision of which assumptions to make is A.Usually regarded as an art in scientific thinking.B.Not a particularly important decision for an economist.C.Usually regarded as the easiest part of the scientific method.D.An easy decision for an economist, but a difficult decision for a physicist or a chemist.2)Economic models A.Must incorporate all aspects of the economy if those models are to be useful.B.Were once thought to be useful, but that is no longer true.C.Can be useful, even if they are not particularly realistic.D.Cannot be useful if they are based on false assumptions3)When studying the effects of public policy changes, economists A.Always refrain from making assumptions.B.Consider only the short-run effects of those policy changes and not the long-run effects.C.Sometimes make different assumptions about the short run and the long run.D.Consider only the direct effects of those policy changes and not the indirect effects.4)A competitive market is a market in which A.An auctioneer helps set prices and arrange sales.B.No individual buyer or seller has any significant impact on the market price.C.There are only a few sellers.D.The forces of supply and demand do not apply.5)In a market economy, A.Supply determines demand and, in turn, demand determines prices.B.Supply and demand determine prices and, in turn, prices allocate scarce resources.C.Demand determ

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