Week 1- Thinking like an economist problem set

Question 1

Production Possibility Frontier-

Answer 1

Based on the principle of people facing trade offs.

Question 2

Factor of Productions aka?

Answer 2

Input.

Question 3

PPF shows-

Answer 3

Combination of output that an economy can produce given factors of production and available production technology.

Question 4

Office of Management and Budget helps-

Answer 4

Formulate spending plans and regulatory policies.

Question 5

Policy advisers-

Answer 5

when economists trying to help improve the world.

Question 6

Congressional Budget Office-

Answer 6

Economists responsible for advising Congress on economic matter.

Question 7

Economic model-

Answer 7

Composed of diagrams and equations.

Question 8

Department of Treasury-

Answer 8

Provides tax policy to the President.

Question 9

In Circular Flow diagram of Good and services: household are and firm are-

Answer 9

Households are buyers, firms are sellers.

Question 10

When 2 variables have negative correlation-

Answer 10

they moves in opposite direction.

Question 11

Point where X and Y are zero is known as-

Answer 11

Origin.

Question 12

Economists at Department of Justice helps-

Answer 12

Enforce nation’s antitrust laws.