The role of an assumption in an economic theory is to: a
a. add realism
b. prove the theory
c. cover special cases
d. simplify the theory
Homework Answers
QUESTION 4 Which of the following is not the criticism on the economic base theory? Economic...
QUESTION 4 Which of the following is not the criticism on the economic base theory? Economic base theory assumes no significant production capacity constraints, implying that there are unlimited capital and labor resources within the region or that these resources are A. easily acquired from the outside Economic base theory focuses exclusively on external demand as the determinant of regional growth, so the internal demand and supply are viewed as relatively insignificant sources of OB. income and employment growth Economic...
The economic theory that states that the economy works best when it is left alone, free...
The economic theory that states that the economy works best when it is left alone, free from government intervention is called: (A) The Classical Economic Theory (B) The Keynesian Economic Theory (C) The Monetarist Economic Theory (D) The Supply Side Economic Theory
1.Economic theory: a. seeks to explain economic events b. seeks to predict economic events c. abstracts...
1.Economic theory: a. seeks to explain economic events b. seeks to predict economic events c. abstracts from the many detail that surrounds an economic event d. all of the above 2.The Mercantilists did not advocate: a. free trade b. stimulating the nation's exports c. restricting the nations' imports d. the accumulation of gold by the nation 3.According to Adam Smith, international trade was based on: a. absolute advantage b. comparative advantage c. both absolute and comparative advantage d. neither absolute...
According to Theory X (MC Gregor) the assumption is that employees are a) passive, indolent and...
According to Theory X (MC Gregor) the assumption is that employees are a) passive, indolent and resistant to change or b) asset that should be developed or c) benefit from Organizational success?
Match the economic development theory to the correct definition. (There is a extra one to throw...
Match the economic development theory to the correct definition. (There is a extra one to throw us off) Separates countries into core, periphery, and semi-periphery according to level of economic development. Rostow's five stages of development Rooted in the belief that capitalism drives development if appropriate reforms are made to encourage free markets and competition Development is a relational process (not a series of stages) and is linked to international trade relationships. Choices: A. The classical model of development B....
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.)...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
Question8 While studying the theory of consumer behavior, we discussed the assumption of strong convexity. What...
Question8 While studying the theory of consumer behavior, we discussed the assumption of strong convexity. What does this assumption state? O a The convex combination of any two bundles is strictly preferred to the original bundles O b. The convex combination of any two bundles is weakly preferred to the original bundles C. The convex combination of any two bundles is as good as the original bundles d. The convex combination of any two bundles is never as good as...
Problem 9: Which of the following statements about the role of institutions in economic growth is...
Problem 9: Which of the following statements about the role of institutions in economic growth is TRUE and which of the following statements is FALSE? Explain. (a) Higher expropriation risk due to low-quality governance and poor insti- tutions might account for low levels of human and public capital in poor nations (b) The quality of institutions in countries colonized by Europeans is corre- lated with whether climate/disease allowed European settlers to live in those areas (c) Low-quality institutions make it...
Problem 9: Which of the stateme owing statements about the role of institutions in economic and...
Problem 9: Which of the stateme owing statements about the role of institutions in economic and which of the following statements is FALSE? Explain. levels of human and public capital in poor d by Europeans is corre- ated with whether climate/disease allowed European settlers to live in w-quality institutions make it difficult to protect property rights and -quality institutions are central to the theory of poverty traps that ion risk due to low-quality governance and poor insti- tutions might account...
Standard neoclassical economic theory treats people as “rational beings” that make decisions by comparing “marginal benefits”...
Standard neoclassical economic theory treats people as “rational beings” that make decisions by comparing “marginal benefits” to “marginal costs.” What do economists mean by this? Recognizing that assumptions are always simplifying, what are the strengths and weaknesses of this assumption in predicting economic behavior, both among individuals and in the economy as a whole? What other assumptions might work better?
QUESTION 4 Which of the following is not the criticism on the economic base theory? Economic base theory assumes no significant production capacity constraints, implying that there are unlimited capital and labor resources within the region or that these resources are A. easily acquired from the outside Economic base theory focuses exclusively on external demand as the determinant of regional growth, so the internal demand and supply are viewed as relatively insignificant sources of OB. income and employment growth Economic...
The economic theory that states that the economy works best when it is left alone, free from government intervention is called: (A) The Classical Economic Theory (B) The Keynesian Economic Theory (C) The Monetarist Economic Theory (D) The Supply Side Economic Theory
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
Question8 While studying the theory of consumer behavior, we discussed the assumption of strong convexity. What does this assumption state? O a The convex combination of any two bundles is strictly preferred to the original bundles O b. The convex combination of any two bundles is weakly preferred to the original bundles C. The convex combination of any two bundles is as good as the original bundles d. The convex combination of any two bundles is never as good as...
Problem 9: Which of the following statements about the role of institutions in economic growth is TRUE and which of the following statements is FALSE? Explain. (a) Higher expropriation risk due to low-quality governance and poor insti- tutions might account for low levels of human and public capital in poor nations (b) The quality of institutions in countries colonized by Europeans is corre- lated with whether climate/disease allowed European settlers to live in those areas (c) Low-quality institutions make it...
Problem 9: Which of the stateme owing statements about the role of institutions in economic and which of the following statements is FALSE? Explain. levels of human and public capital in poor d by Europeans is corre- ated with whether climate/disease allowed European settlers to live in w-quality institutions make it difficult to protect property rights and -quality institutions are central to the theory of poverty traps that ion risk due to low-quality governance and poor insti- tutions might account...
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