MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if otherwise. If your answer is either “T” or “F” explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. Microeconomics is a branch of economics that deals with the decisions of individual households and firms.
MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if otherwise. If your answer is either “T” or “F” explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. Microeconomics is a branch of economics that deals with the decisions of individual households and firms.
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 3SQ
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MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if otherwise. If your answer is either “T” or “F” explain, why is it true or false. Cite a theory, use a formula or graph to support your answers.
1. Microeconomics is a branch of economics that deals with the decisions of individual households and firms.
2. Economic model is an abstract representation of the “unreal world” phenomena that one wishes to examine.
3. Economic model can be expressed to an equation holding other variables to be constant.
4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable.
5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources.
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Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning