Just need the answers QUESTION 1 Economic theories O A are a

QUESTION 1 Economic theories O A are abstractions and therefore of no application to real situations OB are generalizations based upon a careful obsevation of facts O which are true for indvidual economic units are never true for the economy as a whoe O D are useless because they are not based upon laboratory experimentation QUESTION 2 Microeconomics is concened with: OA the establishing of an overall view of the operation of the economic system oB. the concealing of detailed infomation about specific segments of the economy o C a detailed examination of specific economic units which compnse the economic system OD the aggregate or total levels of income, employment and output QUESTION 3 Which of the following is a correct statement? O A Because economics is concemed with questions of \"ought it is not scientfic B Economics is as scientínic as are physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry D Economic concepts or laws which are valid durnng depression are not valid during prosperity o C. Though not quantitatively exact, economic laws are useful because they alilow us to predict and therefore control or adjust to events QUESTION 4 Macroeconomics approaches the study of economics from the viewpoint of O A indmidual firms OB individual consumers O C the operation of specific product and resource marketo o D governmental units O E the entire economy

Solution

Answer to question1:

Option B. Economic theories are generalizations based on careful observation of facts.

Answer to question 2:

Option C.Microeconomics is concerned with a detailed examination of specific economic units which comprise the economic system.

Answer to question 3:

Option B. Economics is as scientific as physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry.

Answer to question 4:

Option E.Macroeconomics approaches the study of economics from the viewpoint of the entire economy.