Question 1

Explain whether the statement,"There is life on Mars," is a normative or positive statement.

Accepted Answer

The statement is a positive statement be

Question 2

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

Accepted Answer

@#IMG-DLM& The figure above shows the la

Question 3

-The table above shows how the number of books Katie buys each year depends on her income
A)What kind of relationship exists between Katie's income and the number of books she purchases?
   
B)Plot the relationship between Katie's income and the number of books she purchases in the above figure.Measure income along the vertical axis and the number of books along the horizontal axis.Be sure to label the axes.
C)What is the slope of the relationship between $50,000 and $70,000 of income?
D)What is the slope of the relationship between $90,000 and $110,000 of income?
E)Comment on the similarity or dissimilarity of your answers to parts (c)and (d).

Accepted Answer

a.There is a positive relationship.When

Question 4

Rational choice

Accepted Answer

A)  is a choice that uses the available resources to best achieve the objective of the person making the choice. 
B)  is always efficient. 
C)  is what you must give up to get what you want. 
D)  is made by comparing different incentives. 
E)  provides the answer to only the "how" question. 
A)  is a choice that uses the available resources to best achieve the objective of the person making the choice. 
B)  is always efficient. 
C)  is what you must give up to get what you want. 
D)  is made by comparing different incentives. 
E)  provides the answer to only the "how" question.

Question 5

-In the diagram below,draw a straight line with a slope of zero.

Accepted Answer

@#IMG-DLM& A horizontal line has a slope

Question 6

If x increases and as a result y decreases,then x and y are

Accepted Answer

A)  not related because the relationship is a causal one. 
B)  positively related. 
C)  negatively related. 
D)  directly related. 
E)  trend-line related. 
A)  not related because the relationship is a causal one. 
B)  positively related. 
C)  negatively related. 
D)  directly related. 
E)  trend-line related.

Question 7

When Delta decides to quit flying to Lithuania,it directly answers the ________ question.

Accepted Answer

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

Question 8

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

Accepted Answer

A)  y/x. 
B)  x/y. 
C)  (change in y)/(change in x). 
D)  (change in x)/(change in y). 
E)  y - x. 
A)  y/x. 
B)  x/y. 
C)  (change in y)/(change in x). 
D)  (change in x)/(change in y). 
E)  y - x.

Question 9

Scarcity means we must

Accepted Answer

A)  consume less. 
B)  produce less. 
C)  make choices. 
D)  earn more. 
E)  work more. 
A)  consume less. 
B)  produce less. 
C)  make choices. 
D)  earn more. 
E)  work more.

Question 10

Will,Bill,and Phil decide to study an extra hour for an exam.Instead of studying,they could have gone out to eat,played football,or watched TV.Which of the following statements is correct?

Accepted Answer

A)  The benefit the three students receive must be the same because they all make the same choice. 
B)  The students made a rational choice as long as they face no scarcity. 
C)  The students could each have different opportunity costs. 
D)  The marginal cost of the decision is the same if they make the same score on the exam. 
E)  Going out to eat, playing football, and watching TV are all called sunk costs. 
A)  The benefit the three students receive must be the same because they all make the same choice. 
B)  The students made a rational choice as long as they face no scarcity. 
C)  The students could each have different opportunity costs. 
D)  The marginal cost of the decision is the same if they make the same score on the exam. 
E)  Going out to eat, playing football, and watching TV are all called sunk costs.

Question 11

-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.

Question 12

If whenever one variable increases,another variable also increases,then these two variables are ________ related.

Accepted Answer

A)  positively 
B)  negatively 
C)  inversely 
D)  cross-sectionally 
E)  trend-line 
A)  positively 
B)  negatively 
C)  inversely 
D)  cross-sectionally 
E)  trend-line

Question 13

If Jessie studies economics for two hours instead of going to the movies with her friends,then

Accepted Answer

A)  the benefit of studying is the missed movie. 
B)  the opportunity cost of studying is the missed movie. 
C)  Jesse definitely is making a rational choice. 
D)  Jessie is ignoring a sunk cost. 
E)  Jessie is not responding to any incentives. 
A)  the benefit of studying is the missed movie. 
B)  the opportunity cost of studying is the missed movie. 
C)  Jesse definitely is making a rational choice. 
D)  Jessie is ignoring a sunk cost. 
E)  Jessie is not responding to any incentives.

Question 14

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

Accepted Answer

A)  5. 
B)  2/5. 
C)  2/3. 
D)  5/2. 
E)  2. 
A)  5. 
B)  2/5. 
C)  2/3. 
D)  5/2. 
E)  2.

Question 15

A trend is

Accepted Answer

A)  a measure of closeness on a scatter diagram. 
B)  a general tendency for a variable to rise or fall. 
C)  the maximum value of a variable. 
D)  the minimum value of a variable. 
E)  the difference between the maximum value of a variable and the minimum value of the variable. 
A)  a measure of closeness on a scatter diagram. 
B)  a general tendency for a variable to rise or fall. 
C)  the maximum value of a variable. 
D)  the minimum value of a variable. 
E)  the difference between the maximum value of a variable and the minimum value of the variable.

Question 16

Which of the following is NOT a normative economic statement?

Accepted Answer

A)  States should reduce the tax on heating fuel oil during the winter. 
B)  People over the age of 75 should not be allowed to drive cars. 
C)  Teenagers are responsible for most driving fatalities. 
D)  We don't spend enough money on anti-smoking campaigns. 
E)  The price of gasoline is too high. 
A)  States should reduce the tax on heating fuel oil during the winter. 
B)  People over the age of 75 should not be allowed to drive cars. 
C)  Teenagers are responsible for most driving fatalities. 
D)  We don't spend enough money on anti-smoking campaigns. 
E)  The price of gasoline is too high.

Question 17

Trend refers to

Accepted Answer

A)  the scale used on the x- and y-axes. 
B)  increases but not decreases of a variable. 
C)  decreases but not increases of a variable. 
D)  a general tendency for a variable to rise or fall. 
E)  the difference between the maximum value of the variable and the minimum value of the variable. 
A)  the scale used on the x- and y-axes. 
B)  increases but not decreases of a variable. 
C)  decreases but not increases of a variable. 
D)  a general tendency for a variable to rise or fall. 
E)  the difference between the maximum value of the variable and the minimum value of the variable.

Question 18

A positive statement

Accepted Answer

A)  must always be right. 
B)  cannot be tested. 
C)  might be right or wrong. 
D)  depends on someone's value judgment. 
E)  cannot be negative. 
A)  must always be right. 
B)  cannot be tested. 
C)  might be right or wrong. 
D)  depends on someone's value judgment. 
E)  cannot be negative.

Question 19

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The relationship between the price and the quantity the florist can sell is

Accepted Answer

A)  positive. 
B)  negative. 
C)  nonexistent. 
D)  linear. 
E)  cross-sectionally trended. 
A)  positive. 
B)  negative. 
C)  nonexistent. 
D)  linear. 
E)  cross-sectionally trended.

Question 20

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

Accepted Answer

It is not necessarily the case that a ra

Explain whether the statement,"There is life on Mars," is a normative or positive statement.

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

Rational choice

-In the diagram below,draw a straight line with a slope of zero.

If x increases and as a result y decreases,then x and y are

When Delta decides to quit flying to Lithuania,it directly answers the ________ question.

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

Scarcity means we must

Will,Bill,and Phil decide to study an extra hour for an exam.Instead of studying,they could have gone out to eat,played football,or watched TV.Which of the following statements is correct?

-The graph shows

If whenever one variable increases,another variable also increases,then these two variables are ________ related.

If Jessie studies economics for two hours instead of going to the movies with her friends,then

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

A trend is

Which of the following is NOT a normative economic statement?

Trend refers to

A positive statement

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The relationship between the price and the quantity the florist can sell is

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

The Usand 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

Explain whether the statement,"There is life on Mars," is a normative or positive statement.

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

Rational choice

-In the diagram below,draw a straight line with a slope of zero.

If x increases and as a result y decreases,then x and y are

When Delta decides to quit flying to Lithuania,it directly answers the ________ question.

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

Scarcity means we must

Will,Bill,and Phil decide to study an extra hour for an exam.Instead of studying,they could have gone out to eat,played football,or watched TV.Which of the following statements is correct?

-The graph shows

If whenever one variable increases,another variable also increases,then these two variables are ________ related.

If Jessie studies economics for two hours instead of going to the movies with her friends,then

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

A trend is

Which of the following is NOT a normative economic statement?

Trend refers to

A positive statement

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The relationship between the price and the quantity the florist can sell is

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

The Usand 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