Question 1

The question of "What goods and services get produced?" most closely relates to which of the following issues?

Accepted Answer

A)  the distribution of goods and services in the economy 
B)  producing goods and services in the least costly manner 
C)  building a missile defense system, or putting a computer in every elementary school classroom 
D)  obtaining specialized training to increase one's income 
E)  taxing high income workers to give payments to poor households 
A)  the distribution of goods and services in the economy 
B)  producing goods and services in the least costly manner 
C)  building a missile defense system, or putting a computer in every elementary school classroom 
D)  obtaining specialized training to increase one's income 
E)  taxing high income workers to give payments to poor households

Question 2

The marginal cost of an activity ________ as you do more of it.

Accepted Answer

A)  increases 
B)  decreases 
C)  doesn't change 
D)  changes only if the marginal benefit of the activity does not change 
E)  changes only if the marginal benefit of the activity changes 
A)  increases 
B)  decreases 
C)  doesn't change 
D)  changes only if the marginal benefit of the activity does not change 
E)  changes only if the marginal benefit of the activity changes

Question 3

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

Accepted Answer

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

Question 4

A time series graph

Accepted Answer

A)  shows how a variable changes over time. 
B)  uses bars rather than lines. 
C)  shows points in a scatter diagram. 
D)  is similar to a cross-section graph because both can show trends over time. 
E)  is in the shape of a pie. 
A)  shows how a variable changes over time. 
B)  uses bars rather than lines. 
C)  shows points in a scatter diagram. 
D)  is similar to a cross-section graph because both can show trends over time. 
E)  is in the shape of a pie.

Question 5

If the marginal benefit of getting a college degree rises,rational people will

Accepted Answer

A)  attend college in greater numbers. 
B)  drop out of college. 
C)  not change their behavior. 
D)  require that college get easier. 
E)  raise the marginal cost of attending college. 
A)  attend college in greater numbers. 
B)  drop out of college. 
C)  not change their behavior. 
D)  require that college get easier. 
E)  raise the marginal cost of attending college.

Question 6

Why does scarcity lead to the what,how,and for whom questions?

Accepted Answer

Human wants exceed the resources availab

Question 7

Which of the following is a macroeconomic topic?

Accepted Answer

A)  The federal government's decision to spend more on environmental protection 
B)  The county government's decision to increase the sales tax for your county 
C)  Why did production and jobs expand slowly in 2011? 
D)  General Motors decides what prices to set for their new models. 
E)  The effect of floods in agricultural areas on the price and quantity of wheat 
A)  The federal government's decision to spend more on environmental protection 
B)  The county government's decision to increase the sales tax for your county 
C)  Why did production and jobs expand slowly in 2011? 
D)  General Motors decides what prices to set for their new models. 
E)  The effect of floods in agricultural areas on the price and quantity of wheat

The question of "What goods and services get produced?" most closely relates to which of the following issues?

The marginal cost of an activity ________ as you do more of it.

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

A time series graph

If the marginal benefit of getting a college degree rises,rational people will

Why does scarcity lead to the what,how,and for whom questions?

Which of the following is a macroeconomic topic?

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

Exam 1: Getting Started

The question of "What goods and services get produced?" most closely relates to which of the following issues?

The marginal cost of an activity ________ as you do more of it.

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

A time series graph

If the marginal benefit of getting a college degree rises,rational people will

Why does scarcity lead to the what,how,and for whom questions?

Which of the following is a macroeconomic topic?

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