The idea of ceteris paribus (all other things being equal) is commonly used in economics to: a) Analyze the impact of a single variable on an economic outcome b) Describe a hypothetical scenario where all variables change simultaneously c) Predict long-term economic trends d) Evaluate the effectiveness of government policies

Identify each of the following topics as being part of microeconomics or macroeconomics: The impact of a change in consumer income on the purchase of luxury automobiles (a) macroeconomics (b) microeconomic

Which of the following statements about economic models is correct? a) models are built to mirror exact reality b) models are useful, but they should not be used for the purpose of improving public policies c) models seldom incorporate equations or diagrams  d) economic models omit many details, therefore they allow us to see what is truly important

1.1 Economic models that assume that wages and prices adjust freely to changes in demand and supply are known as.............        models.

Explain the difference(s) between an economic and an econometric model.

The study of economics is best defined as how

After reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.

One of the following scopes under the definition of macroeconomics is NOT TRUE     A) Macroeconomic is a study about the behavior of the economy and analyses how the economy performs.     B) Macroeconomic studies about how a consumer reacts to the fluctuation of price in his consumption.     C) Macroeconomic analyses the indicator in line with the long-term economic objectives of the society or economy.     D) Macroeconomic focuses on aggregate changes in the economy such as unemployment, the growth rate of the national output, inflation, and trade balance.