Question 1

Microeconomics includes the study of

Accepted Answer

A)  how countries decide to fund their budget deficits. 
B)  the choices that individuals and businesses make. 
C)  how a nation promotes economic growth. 
D)  the effect on the national economy of the choices that individuals make. 
E)  the overall amount of production within the economy. 
A)  how countries decide to fund their budget deficits. 
B)  the choices that individuals and businesses make. 
C)  how a nation promotes economic growth. 
D)  the effect on the national economy of the choices that individuals make. 
E)  the overall amount of production within the economy.

Question 2

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 3

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

Accepted Answer

A)  3. 
B)  3/20 
C)  2/20. 
D)  1/20. 
E)  0. 
A)  3. 
B)  3/20 
C)  2/20. 
D)  1/20. 
E)  0.

Question 4

Explain whether the statement,"Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement.

Accepted Answer

The statement is a positive statement be

Question 5

Why is the benefit of something measured by what you are willing to give up?

Accepted Answer

The benefit of a good or service,say a s

Question 6

If the change in y = 10 and the change in x = 3,there is

Accepted Answer

A)  a positive relationship between y and x. 
B)  a negative relationship between y and x. 
C)  an independent relationship between y and x. 
D)  no relationship between y and x. 
E)  a +0.33 relationship between the two variables. 
A)  a positive relationship between y and x. 
B)  a negative relationship between y and x. 
C)  an independent relationship between y and x. 
D)  no relationship between y and x. 
E)  a +0.33 relationship between the two variables.

Question 7

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic question?

Accepted Answer

Fertilizer is used to help pro

Question 8

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes.Is the relationship between advertising and the number of games sold positive,negative,or neither? Explain your answer.

Accepted Answer

The figure shows that there is a positiv

Question 9

Correlation means

Accepted Answer

A)  "after this, therefore because of this." 
B)  other things remaining the same. 
C)  a natural experiment has been conducted. 
D)  the tendency for the values of two variables to move in a predictable and related way. 
E)  "on the margin." 
A)  "after this, therefore because of this." 
B)  other things remaining the same. 
C)  a natural experiment has been conducted. 
D)  the tendency for the values of two variables to move in a predictable and related way. 
E)  "on the margin."

Question 10

-In the above,which figure(s)show a relationship between the variables that is always negative?

Accepted Answer

A)  Figure A only 
B)  Figure D only 
C)  Figures A and C 
D)  Figures A, C, and D 
E)  Figure B only 
A)  Figure A only 
B)  Figure D only 
C)  Figures A and C 
D)  Figures A, C, and D 
E)  Figure B only

Question 11

Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of

Accepted Answer

A)  for whom will goods be produced. 
B)  when will the goods be produced. 
C)  where will the goods be produced. 
D)  how will the goods be produced. 
E)  why will the goods be produced. 
A)  for whom will goods be produced. 
B)  when will the goods be produced. 
C)  where will the goods be produced. 
D)  how will the goods be produced. 
E)  why will the goods be produced.

Question 12

When people make rational choices,they

Accepted Answer

A)  behave selfishly. 
B)  do not consider their emotions. 
C)  weigh the costs and benefits of their options and act to satisfy their wants. 
D)  necessarily make a decision in the social interest. 
E)  are necessarily making the best decision. 
A)  behave selfishly. 
B)  do not consider their emotions. 
C)  weigh the costs and benefits of their options and act to satisfy their wants. 
D)  necessarily make a decision in the social interest. 
E)  are necessarily making the best decision.

Question 13

You have data for sales of pizza for each of the 50 states in 2011.The type of graph to best display these data would be a

Accepted Answer

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

Question 14

A scatter diagram can be used to see

Accepted Answer

A)  if the value of a variable is rising or falling. 
B)  the value of a variable for different groups in a population. 
C)  if a relationship exists between two variables. 
D)  how a variable behaves over time. 
E)  whether a variable is positively or negatively related to itself. 
A)  if the value of a variable is rising or falling. 
B)  the value of a variable for different groups in a population. 
C)  if a relationship exists between two variables. 
D)  how a variable behaves over time. 
E)  whether a variable is positively or negatively related to itself.

Question 15

A normative statement

Accepted Answer

A)  depends on someone's values. 
B)  cannot use the word "should." 
C)  says what is currently believed about the way the world operates. 
D)  must be tested to determine if it is correct. 
E)  can be tested to determine if it is correct. 
A)  depends on someone's values. 
B)  cannot use the word "should." 
C)  says what is currently believed about the way the world operates. 
D)  must be tested to determine if it is correct. 
E)  can be tested to determine if it is correct.

Question 16

Scarcity results from the fact that

Accepted Answer

A)  people's wants exceed the resources available to satisfy them. 
B)  not all goals are desirable. 
C)  we cannot answer the major economic questions. 
D)  choices made in self-interest rare not always in the social interest. 
E)  the population keeps growing. 
A)  people's wants exceed the resources available to satisfy them. 
B)  not all goals are desirable. 
C)  we cannot answer the major economic questions. 
D)  choices made in self-interest rare not always in the social interest. 
E)  the population keeps growing.

Question 17

An opportunity cost is

Accepted Answer

A)  the dollar amount that is paid. 
B)  anything the decision maker believes costs to be. 
C)  the benefits of the highest-valued alternative forgone. 
D)  whatever is paid out and cannot be reduced or reversed. 
E)  another term for all the sunk costs. 
A)  the dollar amount that is paid. 
B)  anything the decision maker believes costs to be. 
C)  the benefits of the highest-valued alternative forgone. 
D)  whatever is paid out and cannot be reduced or reversed. 
E)  another term for all the sunk costs.

Question 18

-In the figure above,what can you deduce about the slope of the curve?

Accepted Answer

The slope is positiv

Question 19

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph of these two variables is a

Accepted Answer

A)  vertical line. 
B)  horizontal line. 
C)  line that has positive slope. 
D)  line that has a negative slope. 
E)  non-existent because the two variables are not related. 
A)  vertical line. 
B)  horizontal line. 
C)  line that has positive slope. 
D)  line that has a negative slope. 
E)  non-existent because the two variables are not related.

Question 20

A graph shows the average SAT scores for males and females in 2012.The kind of graph used to show these data would be a

Accepted Answer

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

Microeconomics includes the study of

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

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

Explain whether the statement,"Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement.

Why is the benefit of something measured by what you are willing to give up?

If the change in y = 10 and the change in x = 3,there is

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic question?

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes.Is the relationship between advertising and the number of games sold positive,negative,or neither? Explain your answer.

Correlation means

-In the above,which figure(s)show a relationship between the variables that is always negative?

Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of

When people make rational choices,they

You have data for sales of pizza for each of the 50 states in 2011.The type of graph to best display these data would be a

A scatter diagram can be used to see

A normative statement

Scarcity results from the fact that

An opportunity cost is

-In the figure above,what can you deduce about the slope of the curve?

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph of these two variables is a

A graph shows the average SAT scores for males and females in 2012.The kind of graph used to show these data would be a

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

Microeconomics includes the study of

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

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

Explain whether the statement,"Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement.

Why is the benefit of something measured by what you are willing to give up?

If the change in y = 10 and the change in x = 3,there is

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic question?

-The figure above shows how the sales of the video game "Tomb Raider-Lara Retires" change when the advertising spent on the game changes.Is the relationship between advertising and the number of games sold positive,negative,or neither? Explain your answer.

Correlation means

-In the above,which figure(s)show a relationship between the variables that is always negative?

Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of

When people make rational choices,they

You have data for sales of pizza for each of the 50 states in 2011.The type of graph to best display these data would be a

A scatter diagram can be used to see

A normative statement

Scarcity results from the fact that

An opportunity cost is

-In the figure above,what can you deduce about the slope of the curve?

Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases.The graph of these two variables is a

A graph shows the average SAT scores for males and females in 2012.The kind of graph used to show these data would be a

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