Question 1

Which of the following is not an example of a model?

Accepted Answer

A)  a small plastic airplane tested in a wind tunnel 
B)  a highway map 
C)  a photograph of the inside of a computer 
D)  a poster of the human digestive system 
A)  a small plastic airplane tested in a wind tunnel 
B)  a highway map 
C)  a photograph of the inside of a computer 
D)  a poster of the human digestive system

Question 2

Which of the following is true of resources?

Accepted Answer

A)  Resources are outputs from the production of goods and services. 
B)  A $1,000 investment is an example of a capital resource. 
C)  Entrepreneurship organizes resources to produce goods and services. 
D)  Land resources do not include water. 
A)  Resources are outputs from the production of goods and services. 
B)  A $1,000 investment is an example of a capital resource. 
C)  Entrepreneurship organizes resources to produce goods and services. 
D)  Land resources do not include water.

Question 3

Microeconomics approaches the study of economics from the viewpoint of:

Accepted Answer

A)  inflation, unemployment, and economic growth. 
B)  the federal government. 
C)  individual economic units, such as consumers, firms, and units of government. 
D)  the economy as a whole. 
A)  inflation, unemployment, and economic growth. 
B)  the federal government. 
C)  individual economic units, such as consumers, firms, and units of government. 
D)  the economy as a whole.

Question 4

An economics textbook is an example of:

Accepted Answer

A)  capital. 
B)  labor. 
C)  a natural resource. 
D)  entrepreneurship. 
A)  capital. 
B)  labor. 
C)  a natural resource. 
D)  entrepreneurship.

Question 5

Which of the following is not an example of a capital input?

Accepted Answer

A)  ​A person's skills and abilities, which can be employed to produce valuable goods and services. 
B)  ​Factories and offices where goods and services are produced. 
C)  ​Tools and equipment. 
D)  ​Computers used by a company to record inventory, sales, and payroll. ​ 
A)  ​A person's skills and abilities, which can be employed to produce valuable goods and services. 
B)  ​Factories and offices where goods and services are produced. 
C)  ​Tools and equipment. 
D)  ​Computers used by a company to record inventory, sales, and payroll. ​

Which of the following is not an example of a model?

Which of the following is true of resources?

Microeconomics approaches the study of economics from the viewpoint of:

An economics textbook is an example of:

Which of the following is not an example of a capital input?

Production Possibilities Opportunity Cost and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution Poverty and Discrimination

Antitrust and Regulation

Environmental Economics

Gross Domestic Product

Business Cycles and Unemployment

Inflation

The Keynesian Model

The Keynesian Model in Action

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits Surpluses and the National Debt

Money and the Federal Reserve System

Money Creation

Monetary Policy

The Phillips Curve and Expectations Theory

International Trade and Finance

Economies in Transition

Growth and the Less Developed Countries

Understanding Direct and Inverse Relationships between Variables

Filters

Exam 1: Introducing the Economic Way of Thinking

Which of the following is not an example of a model?

Which of the following is true of resources?

Microeconomics approaches the study of economics from the viewpoint of:

An economics textbook is an example of:

Which of the following is not an example of a capital input?

Production Possibilities Opportunity Cost and Economic Growth

Market Demand and Supply

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution Poverty and Discrimination

Antitrust and Regulation

Environmental Economics

Gross Domestic Product

Business Cycles and Unemployment

Inflation

The Keynesian Model

The Keynesian Model in Action

Aggregate Demand and Supply

Fiscal Policy

The Public Sector

Federal Deficits Surpluses and the National Debt

Money and the Federal Reserve System

Money Creation

Monetary Policy

The Phillips Curve and Expectations Theory

International Trade and Finance

Economies in Transition

Growth and the Less Developed Countries

Understanding Direct and Inverse Relationships between Variables

Filters