Question 1

Use the figure below to answer the following questions.
   
Figure 1A.2.1
-Refer to Figure 1A.2.1.If x decreases from 5 to 4, y

Accepted Answer

A) decreases from 4 to 3. 
B) decreases from 4 to 3 1/2. 
C) decreases from 4 to 2. 
D) increases from 4 to 5. 
E) increases from 3 1/2 to 4. 
A) decreases from 4 to 3. 
B) decreases from 4 to 3 1/2. 
C) decreases from 4 to 2. 
D) increases from 4 to 5. 
E) increases from 3 1/2 to 4. B

Question 2

Two variables are negatively related if

Accepted Answer

A) increases in one are associated with decreases in the other. 
B) increases in one are associated with increases in the other. 
C) both variables are less than zero. 
D) any change in one causes an increase in the other. 
E) any change in one causes a decrease in the other. 
A) increases in one are associated with decreases in the other. 
B) increases in one are associated with increases in the other. 
C) both variables are less than zero. 
D) any change in one causes an increase in the other. 
E) any change in one causes a decrease in the other. A

Question 3

Use the figure below to answer the following question.
   
Figure 1A.4.2
-Given the data in the following table, which one of the graphs in Figure 1A.4.2 correctly represents the relationship among x, y, and z?

Accepted Answer

A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) (a)and (d) 
A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) (a)and (d) C

Question 4

When a firm decides to produce computers using robots instead of people, it is answering the ________ question.

Accepted Answer

A) "what" 
B) "where" 
C) "how" 
D) "who" 
E) "when" 
A) "what" 
B) "where" 
C) "how" 
D) "who" 
E) "when"

Question 5

Use the table below to answer the following questions.
Table 1A.4.2
  
-Table 1A.4.2 shows that,

Accepted Answer

A) the number of boxes of strawberries purchased is negatively related to the price of strawberries, holding income constant. 
B) the number of boxes of strawberries purchased is negatively related to income, holding the price of strawberries constant. 
C) the price of strawberries is negatively related to family income, holding purchases of strawberries constant. 
D) B and C. 
E) A and B. 
A) the number of boxes of strawberries purchased is negatively related to the price of strawberries, holding income constant. 
B) the number of boxes of strawberries purchased is negatively related to income, holding the price of strawberries constant. 
C) the price of strawberries is negatively related to family income, holding purchases of strawberries constant. 
D) B and C. 
E) A and B.

Question 6

Use the figure below to answer the following question.
   
Figure 1A.5.2
-If the line in Figure 1A.5.2 were to continue down to the x-axis, what would the value of x be when y is zero?

Accepted Answer

A) 0 
B) 2 
C) 2/3 
D) -2/3 
E) -3/2. 
A) 0 
B) 2 
C) 2/3 
D) -2/3 
E) -3/2.

Question 7

A positive statement is

Accepted Answer

A) always true. 
B) always false. 
C) about what ought to be. 
D) what is currently believed about the way the world operates. 
E) an opinion that cannot be verified. 
A) always true. 
B) always false. 
C) about what ought to be. 
D) what is currently believed about the way the world operates. 
E) an opinion that cannot be verified.

Question 8

To disentangle cause and effect, economists use economic models and use ________ to test the predictions of those models.

Accepted Answer

A) the what, how, and for whom questions 
B) positive statements and normative statements 
C) personal economic policy, business economic policy, and government economic policy 
D) natural experiments, statistical investigations, and economic experiments 
E) marginal benefit and marginal cost 
A) the what, how, and for whom questions 
B) positive statements and normative statements 
C) personal economic policy, business economic policy, and government economic policy 
D) natural experiments, statistical investigations, and economic experiments 
E) marginal benefit and marginal cost

Question 9

Use the figure below to answer the following questions.
   
Figure 1A.4.3
-In Figure 1A.4.3, a decrease in the value of z results in, ceteris paribus,

Accepted Answer

A) a decrease in the value of x. 
B) an increase in the value of x. 
C) an increase in the value of y. 
D) no change in the value of y. 
E) no change in the value of x. 
A) a decrease in the value of x. 
B) an increase in the value of x. 
C) an increase in the value of y. 
D) no change in the value of y. 
E) no change in the value of x.

Question 10

"The rich should face higher income tax rates than the poor." This is an example of

Accepted Answer

A) a normative statement. 
B) a positive statement. 
C) a negative statement. 
D) economic reasoning. 
E) neither a normative nor a positive statement. 
A) a normative statement. 
B) a positive statement. 
C) a negative statement. 
D) economic reasoning. 
E) neither a normative nor a positive statement.

Question 11

An incentive

Accepted Answer

A) could be a reward but could not be a penalty. 
B) could be a penalty but could not be a reward. 
C) could be either a reward or a penalty. 
D) is the opposite of a tradeoff. 
E) occurs in the macroeconomy but not in the microeconomy. 
A) could be a reward but could not be a penalty. 
B) could be a penalty but could not be a reward. 
C) could be either a reward or a penalty. 
D) is the opposite of a tradeoff. 
E) occurs in the macroeconomy but not in the microeconomy.

Question 12

To earn income, people sell the services of the factors of production they own.Land earns ________and labour earns ________.

Accepted Answer

A) profit; wages 
B) wages; interest 
C) rent; wages 
D) profit; interest 
E) rent; minimum wage 
A) profit; wages 
B) wages; interest 
C) rent; wages 
D) profit; interest 
E) rent; minimum wage

Question 13

The slope of a straight line

Accepted Answer

A) is the same at every point. 
B) increases as the variable on the x-axis increases if the slope is positive. 
C) decreases as the variable on the x-axis increases if the slope is negative. 
D) is the same at every point only if the line is horizontal. 
E) depends on where you measure the slope. 
A) is the same at every point. 
B) increases as the variable on the x-axis increases if the slope is positive. 
C) decreases as the variable on the x-axis increases if the slope is negative. 
D) is the same at every point only if the line is horizontal. 
E) depends on where you measure the slope.

Question 14

The concept of opportunity cost

Accepted Answer

A) is relevant only for European countries. 
B) suggests that individuals can achieve all they want. 
C) suggests a major increase in public education spending means a reduced expansion in the public healthcare system. 
D) is relevant only for developed countries. 
E) is relevant only for developing countries. 
A) is relevant only for European countries. 
B) suggests that individuals can achieve all they want. 
C) suggests a major increase in public education spending means a reduced expansion in the public healthcare system. 
D) is relevant only for developed countries. 
E) is relevant only for developing countries.

Question 15

The study of how wages are set for New Brunswick teachers is classified as

Accepted Answer

A) a macroeconomic topic. 
B) a microeconomic topic. 
C) economics of social interest. 
D) economics of private interest. 
E) normative economics. 
A) a macroeconomic topic. 
B) a microeconomic topic. 
C) economics of social interest. 
D) economics of private interest. 
E) normative economics.

Question 16

Use the figure below to answer the following question.
   
Figure 1A.4.1
-Given the data in the following table, which one of the graphs in Figure 1A.4.1 correctly represents the relationship among x, y, and z?

Accepted Answer

A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) (b)and (c) 
A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) (b)and (c)

Question 17

Use the figure below to answer the following questions.
   
Figure 1A.3.5
-Refer to Figure 1A.3.5.In Figure 1A.3.5, the slope across arc CD is

Accepted Answer

A) 1/2. 
B) 1. 
C) -1/2. 
D) -1. 
E) -5/8. 
A) 1/2. 
B) 1. 
C) -1/2. 
D) -1. 
E) -5/8.

Question 18

The inescapable economic fact is that

Accepted Answer

A) there are unlimited wants and limited resources. 
B) there are unlimited resources, and we just have to decide how to allocate them. 
C) capitalists are always exploiting the workers. 
D) unions are always exploiting firms. 
E) capitalists and unions cannot work together. 
A) there are unlimited wants and limited resources. 
B) there are unlimited resources, and we just have to decide how to allocate them. 
C) capitalists are always exploiting the workers. 
D) unions are always exploiting firms. 
E) capitalists and unions cannot work together.

Question 19

Use the table below to answer the following questions.
Table 1A.4.2
  
-Given the data in Table 1A.4.2, holding price constant, the graph of the purchases of strawberries, measured on the x-axis and family income, measured on the y-axis is a

Accepted Answer

A) vertical line. 
B) horizontal line. 
C) positively sloped line. 
D) negatively sloped line. 
E) positively or negatively sloped line, depending on the price that is held constant. 
A) vertical line. 
B) horizontal line. 
C) positively sloped line. 
D) negatively sloped line. 
E) positively or negatively sloped line, depending on the price that is held constant.

Question 20

Use the table below to answer the following question.
Table 1A.2.1
  
-The data in Table 1A.2.1 shows that

Accepted Answer

A) x and y have a negative relationship. 
B) x and y have a positive relationship. 
C) there is no relationship between x and y. 
D) there is first a negative and then a positive relationship between x and y. 
E) there is first a positive and then a negative relationship between x and y. 
A) x and y have a negative relationship. 
B) x and y have a positive relationship. 
C) there is no relationship between x and y. 
D) there is first a negative and then a positive relationship between x and y. 
E) there is first a positive and then a negative relationship between x and y.

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.If x decreases from 5 to 4, y

Two variables are negatively related if

Use the figure below to answer the following question. Figure 1A.4.2 -Given the data in the following table, which one of the graphs in Figure 1A.4.2 correctly represents the relationship among x, y, and z?

When a firm decides to produce computers using robots instead of people, it is answering the ________ question.

Use the table below to answer the following questions. Table 1A.4.2 -Table 1A.4.2 shows that,

Use the figure below to answer the following question. Figure 1A.5.2 -If the line in Figure 1A.5.2 were to continue down to the x-axis, what would the value of x be when y is zero?

A positive statement is

To disentangle cause and effect, economists use economic models and use ________ to test the predictions of those models.

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3, a decrease in the value of z results in, ceteris paribus,

"The rich should face higher income tax rates than the poor." This is an example of

An incentive

To earn income, people sell the services of the factors of production they own.Land earns and labour earns .

The slope of a straight line

The concept of opportunity cost

The study of how wages are set for New Brunswick teachers is classified as

Use the figure below to answer the following question. Figure 1A.4.1 -Given the data in the following table, which one of the graphs in Figure 1A.4.1 correctly represents the relationship among x, y, and z?

Use the figure below to answer the following questions. Figure 1A.3.5 -Refer to Figure 1A.3.5.In Figure 1A.3.5, the slope across arc CD is

The inescapable economic fact is that

Use the table below to answer the following questions. Table 1A.4.2 -Given the data in Table 1A.4.2, holding price constant, the graph of the purchases of strawberries, measured on the x-axis and family income, measured on the y-axis is a

Use the table below to answer the following question. Table 1A.2.1 -The data in Table 1A.2.1 shows that

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Filters

Exam 1: What Is Economics

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.If x decreases from 5 to 4, y

Two variables are negatively related if

Use the figure below to answer the following question. Figure 1A.4.2 -Given the data in the following table, which one of the graphs in Figure 1A.4.2 correctly represents the relationship among x, y, and z?

When a firm decides to produce computers using robots instead of people, it is answering the ________ question.

Use the table below to answer the following questions. Table 1A.4.2 -Table 1A.4.2 shows that,

Use the figure below to answer the following question. Figure 1A.5.2 -If the line in Figure 1A.5.2 were to continue down to the x-axis, what would the value of x be when y is zero?

A positive statement is

To disentangle cause and effect, economists use economic models and use ________ to test the predictions of those models.

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3, a decrease in the value of z results in, ceteris paribus,

"The rich should face higher income tax rates than the poor." This is an example of

An incentive

To earn income, people sell the services of the factors of production they own.Land earns ________and labour earns ________.

The slope of a straight line

The concept of opportunity cost

The study of how wages are set for New Brunswick teachers is classified as

Use the figure below to answer the following question. Figure 1A.4.1 -Given the data in the following table, which one of the graphs in Figure 1A.4.1 correctly represents the relationship among x, y, and z?

Use the figure below to answer the following questions. Figure 1A.3.5 -Refer to Figure 1A.3.5.In Figure 1A.3.5, the slope across arc CD is

The inescapable economic fact is that

Use the table below to answer the following questions. Table 1A.4.2 -Given the data in Table 1A.4.2, holding price constant, the graph of the purchases of strawberries, measured on the x-axis and family income, measured on the y-axis is a

Use the table below to answer the following question. Table 1A.2.1 -The data in Table 1A.2.1 shows that

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Filters

To earn income, people sell the services of the factors of production they own.Land earns and labour earns .