Question 1

Why are fast growing economies predicted to grow even faster in the future?

Accepted Answer

In the fastest growing countries,citizen

Question 2

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Accepted Answer

A) True 
 B)False

Question 3

Recall the Application about the government of Mexico City repainting highway lane lines to transform a 4-lane highway into a 6-lane highway to answer the following question(s).
-Using simple percentage change formulas,the percent change of the number of TVs from 1 to 2 should be the same if you instead go from 2 to 1.

Accepted Answer

A) True 
 B)False

Question 4

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Accepted Answer

A) minimum wage of the worker. 
B) hourly wage of the worker. 
C) the total monthly income of the worker. 
D) increase in income earned by the worker per every year of service. 
A) minimum wage of the worker. 
B) hourly wage of the worker. 
C) the total monthly income of the worker. 
D) increase in income earned by the worker per every year of service.

Question 5

Which of the following is NOT a microeconomic question?

Accepted Answer

A) How does a particular health care reform program affect physicians' incomes? 
B) What would happen to gasoline consumption if the gasoline tax were increased? 
C) How should Judy decide how many hours to study for her economics exam? 
D) All of the above are microeconomic questions. 
A) How does a particular health care reform program affect physicians' incomes? 
B) What would happen to gasoline consumption if the gasoline tax were increased? 
C) How should Judy decide how many hours to study for her economics exam? 
D) All of the above are microeconomic questions.

Question 6

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

Accepted Answer

A) a positive relationship. 
B) a negative relationship. 
C) no relationship. 
D) an unpredictable relationship. 
A) a positive relationship. 
B) a negative relationship. 
C) no relationship. 
D) an unpredictable relationship.

Question 7

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

Accepted Answer

A) Improved building insulation. 
B) Deforestations 
C) Using energy efficient lighting 
D) Using hybrid vehicles. 
A) Improved building insulation. 
B) Deforestations 
C) Using energy efficient lighting 
D) Using hybrid vehicles.

Question 8

All topics concerning taxes are within the realm of macroeconomics.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is NOT a factor of production?

Accepted Answer

A) money 
B) human capital 
C) physical capital 
D) labor 
A) money 
B) human capital 
C) physical capital 
D) labor

Question 10

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Accepted Answer

A) -50 percent. 
B) 15 percent. 
C) 40 percent. 
D) 50 percent. 
A) -50 percent. 
B) 15 percent. 
C) 40 percent. 
D) 50 percent.

Question 11

Which of the following is a question answered with positive economic analysis?

Accepted Answer

A) If we had more money,should the college offer free parking for students? 
B) If we can afford it,should the college provide more financial aid assistance? 
C) If the college increased tuition,by how much will class sizes decline? 
D) As a result of the recession,should the college cut tuition to stimulate enrollments? 
A) If we had more money,should the college offer free parking for students? 
B) If we can afford it,should the college provide more financial aid assistance? 
C) If the college increased tuition,by how much will class sizes decline? 
D) As a result of the recession,should the college cut tuition to stimulate enrollments?

Question 12

Economists employ economic models:

Accepted Answer

A) because reality is complex. 
B) to make the field more scientific. 
C) to make reality more complex. 
D) because economic theory is too easy without them. 
A) because reality is complex. 
B) to make the field more scientific. 
C) to make reality more complex. 
D) because economic theory is too easy without them.

Question 13

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

Accepted Answer

A) True 
 B)False

Question 14

The economic view of traffic congestion considers:

Accepted Answer

A) that drivers ignore the costs they impose on other drivers by slowing other drivers' commute time. 
B) that driving is a right. 
C) that most drivers are not good defensive drivers. 
D) that the amount of driving should be reduced. 
A) that drivers ignore the costs they impose on other drivers by slowing other drivers' commute time. 
B) that driving is a right. 
C) that most drivers are not good defensive drivers. 
D) that the amount of driving should be reduced.

Question 15

The study of the choices made by individual households,firms,and government is called:

Accepted Answer

A) macroeconomics. 
B) microeconomics. 
C) managerial economics. 
D) market economics. 
A) macroeconomics. 
B) microeconomics. 
C) managerial economics. 
D) market economics.

Question 16

Which of the following is an example of a marginal question?

Accepted Answer

A) How much will my chances of finding a job improve if I raise my GPA from a C to a C+ grade average? 
B) What is the average cost of a college education? 
C) How many students borrow money in order to attend college? 
D) What is the average income of a college graduate? 
A) How much will my chances of finding a job improve if I raise my GPA from a C to a C+ grade average? 
B) What is the average cost of a college education? 
C) How many students borrow money in order to attend college? 
D) What is the average income of a college graduate?

Question 17

Which of the following is NOT a question answered with normative economic reasoning?

Accepted Answer

A) If we had more money,should the college offer free parking for students? 
B) As a result of the recent recession,should the college offer more financial aid assistance? 
C) If the college increased tuition,what is the estimated decline in enrollments? 
D) Given the additional funding that we received,should the college cut tuition to stimulate enrollments? 
A) If we had more money,should the college offer free parking for students? 
B) As a result of the recent recession,should the college offer more financial aid assistance? 
C) If the college increased tuition,what is the estimated decline in enrollments? 
D) Given the additional funding that we received,should the college cut tuition to stimulate enrollments?

Question 18

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Accepted Answer

A) microeconomics to evaluate the merits of public policies. 
B) microeconomics to understand markets and predict changes. 
C) microeconomics to understand marginal changes in the macroeconomy. 
D) microeconomics to make managerial and personal decisions. 
A) microeconomics to evaluate the merits of public policies. 
B) microeconomics to understand markets and predict changes. 
C) microeconomics to understand marginal changes in the macroeconomy. 
D) microeconomics to make managerial and personal decisions.

Question 19

Distinguish between movement along a curve and shifting a curve.

Accepted Answer

When depicted in a line graph with varia

Question 20

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

Accepted Answer

A) True 
 B)False

Why are fast growing economies predicted to grow even faster in the future?

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Which of the following is NOT a microeconomic question?

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

All topics concerning taxes are within the realm of macroeconomics.

Which of the following is NOT a factor of production?

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Which of the following is a question answered with positive economic analysis?

Economists employ economic models:

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

The economic view of traffic congestion considers:

The study of the choices made by individual households,firms,and government is called:

Which of the following is an example of a marginal question?

Which of the following is NOT a question answered with normative economic reasoning?

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Distinguish between movement along a curve and shifting a curve.

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

The Key Principles of Economics

Exchange and Markets

Demand, supply, and Market Equilibrium

Elasticity: a Measure of Responsiveness

Market Efficiency and Government Intervention

Consumer Choice: Utility Theory and Insights From Neuroscience

Production Technology and Cost

Perfect Competition

Monopoly and Price Discrimination

Market Entry and Monopolistic Competition

Oligopoly and Strategic Behavior

Controlling Market Power: Antitrust and Regulation

Imperfect Information: Adverse Selection and Moral Hazard

Public Goods and Public Choice

External Costs and Environmental Policy

The Labor Market and the Distribution of Income

International Trade and Public Policy

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Exam 1: Introduction: What Is Economics

Why are fast growing economies predicted to grow even faster in the future?

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Which of the following is NOT a microeconomic question?

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

All topics concerning taxes are within the realm of macroeconomics.

Which of the following is NOT a factor of production?

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Which of the following is a question answered with positive economic analysis?

Economists employ economic models:

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

The economic view of traffic congestion considers:

The study of the choices made by individual households,firms,and government is called:

Which of the following is an example of a marginal question?

Which of the following is NOT a question answered with normative economic reasoning?

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Distinguish between movement along a curve and shifting a curve.

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

The Key Principles of Economics

Exchange and Markets

Demand, supply, and Market Equilibrium

Elasticity: a Measure of Responsiveness

Market Efficiency and Government Intervention

Consumer Choice: Utility Theory and Insights From Neuroscience

Production Technology and Cost

Perfect Competition

Monopoly and Price Discrimination

Market Entry and Monopolistic Competition

Oligopoly and Strategic Behavior

Controlling Market Power: Antitrust and Regulation

Imperfect Information: Adverse Selection and Moral Hazard

Public Goods and Public Choice

External Costs and Environmental Policy

The Labor Market and the Distribution of Income

International Trade and Public Policy

Filters