econ exam 3

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  1. The costs of making a product must be ___ the final price at which the product sells.
    less than
  2. Buyers must place a value on the uses of the product that is ____  the cost of buying the product.
    greater than
  3. Which of the following is true regarding the concept of causation?
    It describes how one event can bring about change in another.
  4. Which of the following is not an example of  causation?
    Wearing your lucky socks while watching the football game will lead to the team winning the game
  5. Lower infant mortality is ___and an improvement in nutrition is ____
    an effect, the cause
  6. In which of the following areas will taking an economics course help benefit you throughout your  life?
    all of the above
  7. When an argument is made by telling several anecdotes, what do you need along with the stories to believe the argument is valid? Data
    Data reflecting the experiences of thousands of people.
  8. Which of the following is not true about economic models?
    They are not useful, since they do not include all variables.
  9. How to calculate median 
    • How to calculate the mean
    • - middle number
    • -  add numbers , then divide
  10. Based on your answers to this  question, would you expect the ratio of the mean income in the United States to the median income has risen or  fallen? Explain.
    Risen, because means change more with extreme values.

Card Set Information

econ exam 3
2017-02-10 05:36:22
exam 1
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