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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Lesson 01 Quiz

Lesson 01 Quiz

Q Question 1 1 / 1 pts The idea that resources are limited is called Question 2 1 / 1 pts ___________ would be concerned with the inflation rate. Question 3 1 / 1 pts Which of the following is a normative statement? Question 4 1 / 1 pts Economists use the device of ceteris paribus in order to Question 5 1 / 1 pts You purchase a $35 ticket to see a concert at the Bryce Jordan Center. The day before the concert, a friend calls to invite you to a party the same night as the concert. An economist would say that the $35 that you spent on the concert ticket should not be taken into account in your decision because it is a(n) _______________.

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1.scarcity. 2.A macroeconomist 3.The government should subsidize college education. 4.abstract from reality and focus on the two variables of interest. 5.sunk cost. A sunk cost is one that has already been paid and cannot be recovered.