Exam 1: The Art and Science of Economic Analysis

According to a 2011 survey by PayScale.com, the increase in median pay for economics majors with 10-20 years of experience compared to economics majors with 0-5 years of experience is:

An economic model

Ceteris paribus means "other things constant."

Which of the following would an economist classify as capital?

Because resources are scarce,

A product that is physical and tangible is refered to as a(n)

Which of the following is not a part of the scientific method in economics?

Which of the following statements about economic methodology is correct?

A marginal adjustment only refers to a minor change.

As a scientist, an economist's main professional objective is to

Which of the following is the fundamental resource that is the basis of labor?

Economics is best defined as the study of how

A normative economic statement

Economists tell stories -- like the vending machine story --

The resource identified as land would include

In economics, marginal means

The difference between positive economic statements and normative economic statements is that

The case study on Japanese vending machines is a story that teaches us

Most economists consider a theory a good one if it predicts well.

The existence of scarcity as defined by economists means that