A) persists only because countries have failed to achieve continuous full employment. B) persists because economic wants exceed available resources. C) has been solved in all industrialized nations. D) has been eliminated in affluent societies such as the United States and Canada. A) persists only because countries have failed to achieve continuous full employment. B) persists because economic wants exceed available resources. C) has been solved in all industrialized nations. D) has been eliminated in affluent societies such as the United States and Canada.

Exam 1: Limits, Alternatives, and Choices

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When firms give away "freebies" like free apps, free checking accounts, free maps, or free toothbrushes, they are contradicting economists' contention that "there is no free lunch."

(True/False)

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Question 41

A positive statement is concerned primarily with

(Multiple Choice)

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Question 42

Economic models do not reflect the full complexity of reality, but instead are based on

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Question 43

The quantity or supply of land resources available to a nation is pretty much fixed and cannot increase over time.

(True/False)

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Question 44

Which one of the following is a normative economic statement?

(Multiple Choice)

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Question 45

Marginal analysis means that decision makers compare the extra benefits with the extra costs of a specific choice.

(True/False)

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Question 46

Entrepreneurship refers to a new college graduate who is looking for a job with a large company.

(True/False)

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Question 47

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule. In moving from combination B to A, the opportunity cost of producing 50 more autos is

(Multiple Choice)

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Question 48

Purposeful behavior implies that everyone will make identical choices.

(True/False)

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Question 49

The basic truth that underlies the study of economics is the fact that we all face

(Multiple Choice)

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Question 50

For economists, the word "utility" means

(Multiple Choice)

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Question 51

Suppose that Julia receives a $20 gift card for the local coffee shop, where she only buys lattes and muffins. If the price of a latte is $4 and the price of a muffin is $2, then we can conclude that Julia

(Multiple Choice)

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Question 52

Scarcity

(Multiple Choice)

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Question 53

Products and services are scarce because resources are scarce.

(True/False)

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Question 54

If falling gasoline prices are good for the consumers, then they must be good everyone in the economy.

(True/False)

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Question 55

The economizing problem for individuals arises from the conflict between having relatively unlimited time and relatively limited jobs to do.

(True/False)

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Question 56

If two sets of data are inversely related, they will appear on a graph as an upward-sloping line.

(True/False)

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Question 57

"Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is

(Multiple Choice)

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Question 58

Assume the price of product Y (the quantity of which is on the vertical axis)is $15 and the price of product X (the quantity of which is on the horizontal axis)is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is

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Question 59

Economic growth is shown as an increase in production from inside the production possibilities curve out toward a point on the possibilities curve.

(True/False)

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Question 60

Showing 41 - 60 of 107

Exam 1: Limits, Alternatives, and Choices

When firms give away "freebies" like free apps, free checking accounts, free maps, or free toothbrushes, they are contradicting economists' contention that "there is no free lunch."

A positive statement is concerned primarily with

Economic models do not reflect the full complexity of reality, but instead are based on

The quantity or supply of land resources available to a nation is pretty much fixed and cannot increase over time.

Which one of the following is a normative economic statement?

Marginal analysis means that decision makers compare the extra benefits with the extra costs of a specific choice.

Entrepreneurship refers to a new college graduate who is looking for a job with a large company.

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule. In moving from combination B to A, the opportunity cost of producing 50 more autos is

Purposeful behavior implies that everyone will make identical choices.

The basic truth that underlies the study of economics is the fact that we all face

For economists, the word "utility" means

Suppose that Julia receives a $20 gift card for the local coffee shop, where she only buys lattes and muffins. If the price of a latte is $4 and the price of a muffin is $2, then we can conclude that Julia

Scarcity

Products and services are scarce because resources are scarce.

If falling gasoline prices are good for the consumers, then they must be good everyone in the economy.

The economizing problem for individuals arises from the conflict between having relatively unlimited time and relatively limited jobs to do.

If two sets of data are inversely related, they will appear on a graph as an upward-sloping line.

"Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is

Assume the price of product Y (the quantity of which is on the vertical axis)is $15 and the price of product X (the quantity of which is on the horizontal axis)is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is

Economic growth is shown as an increase in production from inside the production possibilities curve out toward a point on the possibilities curve.

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, RD, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

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