Question 1

To graph a relationship involving more than two variables,we use which assumption?

Accepted Answer

A)  linear assumption 
B)  positive relationship assumption 
C)  marginal analysis 
D)  ceteris paribus 
E)  trend assumption 
A)  linear assumption 
B)  positive relationship assumption 
C)  marginal analysis 
D)  ceteris paribus 
E)  trend assumption

Question 2

As a curve approaches a maximum point,the slope will

Accepted Answer

A)  be positive and then negative after the maximum point. 
B)  be negative and then positive after the maximum point. 
C)  remain constant on either side of the maximum point. 
D)  increase before and after the maximum point. 
E)  decrease before and after the maximum point. 
A)  be positive and then negative after the maximum point. 
B)  be negative and then positive after the maximum point. 
C)  remain constant on either side of the maximum point. 
D)  increase before and after the maximum point. 
E)  decrease before and after the maximum point.

Question 3

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

Accepted Answer

A)  a decision that does not involve an opportunity cost. 
B)  a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C)  a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D)  an irrational decision because studying is more important than watching a movie. 
E)  a decision that is not on the margin because she will see the entire movie. 
A)  a decision that does not involve an opportunity cost. 
B)  a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C)  a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D)  an irrational decision because studying is more important than watching a movie. 
E)  a decision that is not on the margin because she will see the entire movie.

Question 4

A graph that shows the value of an economic variable for different groups in a population at a given time is called a

Accepted Answer

A)  scatter diagram. 
B)  time-series graph. 
C)  pie chart. 
D)  cross-section graph. 
E)  fixed-time diagram. 
A)  scatter diagram. 
B)  time-series graph. 
C)  pie chart. 
D)  cross-section graph. 
E)  fixed-time diagram.

Question 5

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

Accepted Answer

A)  scatter diagram. 
B)  time-series graph. 
C)  linear graph. 
D)  cross-section graph 
E)  trend-section diagram. 
A)  scatter diagram. 
B)  time-series graph. 
C)  linear graph. 
D)  cross-section graph 
E)  trend-section diagram.

Question 6

Microeconomics includes the study of the

Accepted Answer

A)  aggregate effects on the national economy. 
B)  recessions and inflation in the global economy. 
C)  choices made by individuals and businesses. 
D)  reasons why the government changes interest rates. 
E)  nationwide unemployment rate. 
A)  aggregate effects on the national economy. 
B)  recessions and inflation in the global economy. 
C)  choices made by individuals and businesses. 
D)  reasons why the government changes interest rates. 
E)  nationwide unemployment rate.

Question 7

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

Accepted Answer

A)  -5. 
B)  -4. 
C)  -3. 
D)  -1. 
E)  -2 
A)  -5. 
B)  -4. 
C)  -3. 
D)  -1. 
E)  -2

Question 8

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

Accepted Answer

The statement is normative.The

Question 9

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

Accepted Answer

A)  what 
B)  how 
C)  for whom 
D)  where 
E)  why 
A)  what 
B)  how 
C)  for whom 
D)  where 
E)  why

Question 10

When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand,it is answering the ________ question.

Accepted Answer

A)  how 
B)  what 
C)  for whom 
D)  opportunity cost 
E)  why 
A)  how 
B)  what 
C)  for whom 
D)  opportunity cost 
E)  why

Question 11

Suppose that your public library charges a fixed monthly membership fee of $12.Members are allowed to check out as many books as they want under this plan.The average member checks out 4 books per month.Suppose that your public library changes its policy.Now each book costs $3 to check out but there is no longer a monthly membership fee.What effect do you think the new policy will have on the total number of books checked out from your library each month? The new policy is likely to ______the number of booked checked out because ________.

Accepted Answer

A)  leave unchanged; members have already shown that they are willing to pay $12 to check out 4 books per month 
B)  leave unchanged; the average cost of the library service is the same under both plans 
C)  reduce; the marginal benefit of checking out books is now lower under the new policy 
D)  reduce; the marginal cost of checking out books is now higher under the new policy 
E)  increase; the average benefit of checking out more than 4 books is now higher under the new policy 
A)  leave unchanged; members have already shown that they are willing to pay $12 to check out 4 books per month 
B)  leave unchanged; the average cost of the library service is the same under both plans 
C)  reduce; the marginal benefit of checking out books is now lower under the new policy 
D)  reduce; the marginal cost of checking out books is now higher under the new policy 
E)  increase; the average benefit of checking out more than 4 books is now higher under the new policy

Question 12

-The figure above shows a

Accepted Answer

A)  time-series graph. 
B)  scatter diagram. 
C)  cross-section graph. 
D)  slope. 
E)  trend diagram. 
A)  time-series graph. 
B)  scatter diagram. 
C)  cross-section graph. 
D)  slope. 
E)  trend diagram.

Question 13

In order to make a rational choice,people must

Accepted Answer

A)  only know what they want. 
B)  be able to afford the choice decided upon. 
C)  decide quickly without wasting time. 
D)  compare marginal costs and marginal benefits. 
E)  determine what is in the social interest. 
A)  only know what they want. 
B)  be able to afford the choice decided upon. 
C)  decide quickly without wasting time. 
D)  compare marginal costs and marginal benefits. 
E)  determine what is in the social interest.

Question 14

In the diagram below,label the x-axis,the y-axis,and the origin.

Accepted Answer

@#IMG-DLM& The figure above ha

Question 15

The slope

Accepted Answer

A)  of a straight line is the same regardless of where on the line it is calculated. 
B)  equals the change in the value of the variable measured on the x-axis divided by the change in the variable measured on the y-axis. 
C)  will be small if a large change in the variable measured on the y-axis is associated with a small change in the variable measured on the x-axis. 
D)  equals the change in the value of the variable measured on the y-axis minus the change in the variable measured on the x-axis. 
E)  falls as the x variable increases if the line has a negative slope. 
A)  of a straight line is the same regardless of where on the line it is calculated. 
B)  equals the change in the value of the variable measured on the x-axis divided by the change in the variable measured on the y-axis. 
C)  will be small if a large change in the variable measured on the y-axis is associated with a small change in the variable measured on the x-axis. 
D)  equals the change in the value of the variable measured on the y-axis minus the change in the variable measured on the x-axis. 
E)  falls as the x variable increases if the line has a negative slope.

Question 16

-What is the slope of the line in the figure above?

Accepted Answer

A)  0.75 
B)  -0.75 
C)  1.33 
D)  -1.33 
E)  zero 
A)  0.75 
B)  -0.75 
C)  1.33 
D)  -1.33 
E)  zero

Question 17

List and explain the three fundamental economic questions that must be answered by all economic systems.

Accepted Answer

First,all economic systems must answer t

Question 18

-The slope of the line shown in the above figure is

Accepted Answer

A)  -1/3. 
B)  -5. 
C)  -1. 
D)  -3. 
E)  -10. 
A)  -1/3. 
B)  -5. 
C)  -1. 
D)  -3. 
E)  -10.

Question 19

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

Accepted Answer

The figure shows that there is a negativ

Question 20

-The graph shows

Accepted Answer

A)  a relationship with a minimum. 
B)  a relationship with a maximum. 
C)  no relationship. 
D)  a relationship that becomes less steep. 
E)  a cross-section relationship. 
A)  a relationship with a minimum. 
B)  a relationship with a maximum. 
C)  no relationship. 
D)  a relationship that becomes less steep. 
E)  a cross-section relationship.

To graph a relationship involving more than two variables,we use which assumption?

As a curve approaches a maximum point,the slope will

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

A graph that shows the value of an economic variable for different groups in a population at a given time is called a

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

Microeconomics includes the study of the

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand,it is answering the ________ question.

-The figure above shows a

In order to make a rational choice,people must

In the diagram below,label the x-axis,the y-axis,and the origin.

The slope

-What is the slope of the line in the figure above?

List and explain the three fundamental economic questions that must be answered by all economic systems.

-The slope of the line shown in the above figure is

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

-The graph shows

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

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Exam 1: Getting Started

To graph a relationship involving more than two variables,we use which assumption?

As a curve approaches a maximum point,the slope will

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

A graph that shows the value of an economic variable for different groups in a population at a given time is called a

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

Microeconomics includes the study of the

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement.

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand,it is answering the ________ question.

-The figure above shows a

In order to make a rational choice,people must

In the diagram below,label the x-axis,the y-axis,and the origin.

The slope

-What is the slope of the line in the figure above?

List and explain the three fundamental economic questions that must be answered by all economic systems.

-The slope of the line shown in the above figure is

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

-The graph shows

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters