Question 1

According to the Texas Transportation Institute, the typical U.S. commuter wastes approximately how much time per year due to traffic congestion?

Accepted Answer

A)  14 hours 
B)  22 hours 
C)  47 hours 
D)  96 hours 
A)  14 hours 
B)  22 hours 
C)  47 hours 
D)  96 hours

Question 2

The 3 key economic questions include all of the following EXCEPT

Accepted Answer

A)  "what products do we produce?" 
B)  "how do we produce these products?" 
C)  "where should these products be produced?" 
D)  "who consumes the products?" 
A)  "what products do we produce?" 
B)  "how do we produce these products?" 
C)  "where should these products be produced?" 
D)  "who consumes the products?"

Question 3

Economic models explore decision making by individuals, firms and other organizations.

Accepted Answer

A) True 
 B)False

Question 4

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).
-Negative relationships are also referred to as inverse relationships.

Accepted Answer

A) True 
 B)False

Question 5

Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________ , creating a ________.

Accepted Answer

A)  virtually unavailable; housing bubble 
B)  only available to borrowers with high credit scores; shortage of affordable housing 
C)  easily obtained; housing boom 
D)  unavailable to low-income borrowers; large demand for rental properties 
A)  virtually unavailable; housing bubble 
B)  only available to borrowers with high credit scores; shortage of affordable housing 
C)  easily obtained; housing boom 
D)  unavailable to low-income borrowers; large demand for rental properties

Question 6

Figure 1A.2
-Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?

Accepted Answer

A)  0 
B)  5 
C)  10 
D)  15 
A)  0 
B)  5 
C)  10 
D)  15

Question 7

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).
-Slope is calculated as a change in the variable on the horizontal axis divided by a change in the variable on the vertical axis.

Accepted Answer

A) True 
 B)False

Question 8

Normative economic analysis answers what question?

Accepted Answer

Normative economic a

Question 9

If the price of monthly satellite TV service increases from $40 to $50, the percentage change is

Accepted Answer

A)  5 percent. 
B)  20 percent. 
C)  25 percent. 
D)  45 percent. 
A)  5 percent. 
B)  20 percent. 
C)  25 percent. 
D)  45 percent.

Question 10

Deciding if a power company will generate electricity from wind power or coal answers the economic question of

Accepted Answer

A)  who consumes the products produced. 
B)  what products will be produced. 
C)  where will the products be consumed. 
D)  how will the products be produced. 
A)  who consumes the products produced. 
B)  what products will be produced. 
C)  where will the products be consumed. 
D)  how will the products be produced.

Question 11

To think at the margin means to consider

Accepted Answer

A)  how nothing remains constant over time. 
B)  how a small change in one variable affects another variable. 
C)  how people behave in their own self-interest. 
D)  how people will decide what to purchase. 
A)  how nothing remains constant over time. 
B)  how a small change in one variable affects another variable. 
C)  how people behave in their own self-interest. 
D)  how people will decide what to purchase.

Question 12

Deciding how a society's products are distributed among its citizens answers the economic question of

Accepted Answer

A)  who consumes the products produced. 
B)  what products will be produced. 
C)  where will the products be consumed. 
D)  how will the products be produced. 
A)  who consumes the products produced. 
B)  what products will be produced. 
C)  where will the products be consumed. 
D)  how will the products be produced.

Question 13

Explain three ways we can use microeconomic analysis.

Accepted Answer

1.To understand markets and predict chan

Question 14

All of the following are considered natural resources EXCEPT

Accepted Answer

A)  a coral reef. 
B)  gold. 
C)  labor. 
D)  a redwood forest. 
A)  a coral reef. 
B)  gold. 
C)  labor. 
D)  a redwood forest.

Question 15

In the 1980s and 1990s, average per capita income increased by a greater percentage in sub-Saharan Africa than it did in the rest of the world.

Accepted Answer

A) True 
 B)False

Question 16

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).
-Positive relationships are also referred to as inverse relationships.

Accepted Answer

A) True 
 B)False

Question 17

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).
-When computing percentage changes, using the simple approach results in increases and decreases which are

Accepted Answer

A)  identical. 
B)  symmetric. 
C)  not symmetric. 
D)  more accurate than using the midpoint method. 
A)  identical. 
B)  symmetric. 
C)  not symmetric. 
D)  more accurate than using the midpoint method.

Question 18

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

Accepted Answer

A)  Should the college reduce tuition for out-of-state residents? 
B)  Should the college charge higher tuition for part-time students? 
C)  If the college increased its eligibility requirements for enrollment, will class sizes decline? 
D)  Should the college eliminate its athletic program to cut its costs? 
A)  Should the college reduce tuition for out-of-state residents? 
B)  Should the college charge higher tuition for part-time students? 
C)  If the college increased its eligibility requirements for enrollment, will class sizes decline? 
D)  Should the college eliminate its athletic program to cut its costs?

Question 19

The Latin phrase ceteris paribus means that when a relationship between two variables is being studied,

Accepted Answer

A)  both are treated as unpredictable. 
B)  neither of those two variables is allowed to change. 
C)  all other variables are held fixed. 
D)  we recognize that some factors are unknown. 
A)  both are treated as unpredictable. 
B)  neither of those two variables is allowed to change. 
C)  all other variables are held fixed. 
D)  we recognize that some factors are unknown.

Question 20

Economists assume that individuals make informed decisions and act in their own self-interest.

Accepted Answer

A) True 
 B)False

According to the Texas Transportation Institute, the typical U.S. commuter wastes approximately how much time per year due to traffic congestion?

The 3 key economic questions include all of the following EXCEPT

Economic models explore decision making by individuals, firms and other organizations.

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). -Negative relationships are also referred to as inverse relationships.

Prior to the financial crisis and recession which began in 2007, credit for mortgages was , creating a .

Figure 1A.2 -Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?

Normative economic analysis answers what question?

If the price of monthly satellite TV service increases from $40 to $50, the percentage change is

Deciding if a power company will generate electricity from wind power or coal answers the economic question of

To think at the margin means to consider

Deciding how a society's products are distributed among its citizens answers the economic question of

Explain three ways we can use microeconomic analysis.

All of the following are considered natural resources EXCEPT

In the 1980s and 1990s, average per capita income increased by a greater percentage in sub-Saharan Africa than it did in the rest of the world.

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). -Positive relationships are also referred to as inverse relationships.

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). -When computing percentage changes, using the simple approach results in increases and decreases which are

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

The Latin phrase ceteris paribus means that when a relationship between two variables is being studied,

Economists assume that individuals make informed decisions and act in their own self-interest.

The Key Principles of Economics

Exchange and Markets

Demand, Supply, and Market Equilibrium

Measuring a Nation's Production and Income

Unemployment and Inflation

The Economy at Full Employment

Why Do Economies Grow?

Aggregate Demand and Aggregate Supply

Fiscal Policy

The Income-Expenditure Model

Investment and Financial Markets

Money and the Banking System

The Federal Reserve and Monetary Policy

Modern Macroeconomics: From the Short Run to the Long Run

The Dynamics of Inflation and Unemployment

Macroeconomic Policy Debates

International Trade and Public Policy

The World of International Finance

Filters

Exam 1: Introduction: What Is Economics?

According to the Texas Transportation Institute, the typical U.S. commuter wastes approximately how much time per year due to traffic congestion?

The 3 key economic questions include all of the following EXCEPT

Economic models explore decision making by individuals, firms and other organizations.

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). -Negative relationships are also referred to as inverse relationships.

Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________ , creating a ________.

Figure 1A.2 -Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?

Normative economic analysis answers what question?

If the price of monthly satellite TV service increases from $40 to $50, the percentage change is

Deciding if a power company will generate electricity from wind power or coal answers the economic question of

To think at the margin means to consider

Deciding how a society's products are distributed among its citizens answers the economic question of

Explain three ways we can use microeconomic analysis.

All of the following are considered natural resources EXCEPT

In the 1980s and 1990s, average per capita income increased by a greater percentage in sub-Saharan Africa than it did in the rest of the world.

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). -Positive relationships are also referred to as inverse relationships.

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). -When computing percentage changes, using the simple approach results in increases and decreases which are

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

The Latin phrase ceteris paribus means that when a relationship between two variables is being studied,

Economists assume that individuals make informed decisions and act in their own self-interest.

The Key Principles of Economics

Exchange and Markets

Demand, Supply, and Market Equilibrium

Measuring a Nation's Production and Income

Unemployment and Inflation

The Economy at Full Employment

Why Do Economies Grow?

Aggregate Demand and Aggregate Supply

Fiscal Policy

The Income-Expenditure Model

Investment and Financial Markets

Money and the Banking System

The Federal Reserve and Monetary Policy

Modern Macroeconomics: From the Short Run to the Long Run

The Dynamics of Inflation and Unemployment

Macroeconomic Policy Debates

International Trade and Public Policy

The World of International Finance

Filters

Prior to the financial crisis and recession which began in 2007, credit for mortgages was , creating a .