Question 1

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

Accepted Answer

A)  are making a choice on the margin. 
B)  incur a sunk cost. 
C)  are not making a rational choice. 
D)  do not face an opportunity cost. 
E)  must have made a choice in the social interest. 
A)  are making a choice on the margin. 
B)  incur a sunk cost. 
C)  are not making a rational choice. 
D)  do not face an opportunity cost. 
E)  must have made a choice in the social interest.

Question 2

Moving from left to right, a U-shaped curve starts with a

Accepted Answer

A)  positive slope, reaches a maximum, then ends with a negative slope. 
B)  positive slope, reaches a minimum, then ends with a negative slope. 
C)  negative slope, reaches a maximum, then ends with a positive slope. 
D)  negative slope, reaches a minimum, then ends with a positive slope. 
E)  negative slope, reaches a minimum, then ends with a negative slope. 
A)  positive slope, reaches a maximum, then ends with a negative slope. 
B)  positive slope, reaches a minimum, then ends with a negative slope. 
C)  negative slope, reaches a maximum, then ends with a positive slope. 
D)  negative slope, reaches a minimum, then ends with a positive slope. 
E)  negative slope, reaches a minimum, then ends with a negative slope.

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 ________ the slope at point B.

Accepted Answer

A)  is greater than 
B)  is less than 
C)  is equal to 
D)  cannot be compared to 
E)  can be compared but more information is needed to determine whether the slope is greater than, less than, or equal to 
A)  is greater than 
B)  is less than 
C)  is equal to 
D)  cannot be compared to 
E)  can be compared but more information is needed to determine whether the slope is greater than, less than, or equal to

Question 4

When two variables in a graph are related to a third, changing the third causes

Accepted Answer

A)  a movement along the curve. 
B)  a shift of the curve. 
C)  no change in the curve because the third variable isn't on the axes. 
D)  either a shift or a movement in the curve but more information is needed to determine which occurs. 
E)  None of the above answers is correct. 
A)  a movement along the curve. 
B)  a shift of the curve. 
C)  no change in the curve because the third variable isn't on the axes. 
D)  either a shift or a movement in the curve but more information is needed to determine which occurs. 
E)  None of the above answers is correct.

Question 5

-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 6

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 7

The Latin term "ceteris paribus" means

Accepted Answer

A)  "false unless proven true." 
B)  "other things remaining the same." 
C)  "after this, therefore because of this." 
D)  "what is true of the whole is not necessarily true of the parts." 
E)  "obviously true." 
A)  "false unless proven true." 
B)  "other things remaining the same." 
C)  "after this, therefore because of this." 
D)  "what is true of the whole is not necessarily true of the parts." 
E)  "obviously true."

Question 8

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

Question 9

Scarcity exists because

Accepted Answer

A)  human wants exceed the resources available to satisfy them. 
B)  some individuals have low income. 
C)  the costs of production are high. 
D)  some people make bad economic decisions. 
E)  people take too much leisure time. 
A)  human wants exceed the resources available to satisfy them. 
B)  some individuals have low income. 
C)  the costs of production are high. 
D)  some people make bad economic decisions. 
E)  people take too much leisure time.

Question 10

If the quantity of the variable on the y-axis increases by 3 when the quantity of the variable on the x-axis increases by 4, then the slope of the curve equals

Accepted Answer

A)  3. 
B)  4. 
C)  3/4. 
D)  4/3. 
E)  1. 
A)  3. 
B)  4. 
C)  3/4. 
D)  4/3. 
E)  1.

Question 11

-In the above, in which figure(s) is the slope the same at every point?

Accepted Answer

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

Question 12

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 13

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.

Accepted Answer

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

Question 14

Define marginal cost and marginal benefit.

Accepted Answer

Marginal cost is the opportuni

Question 15

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 16

1.5 Chapter Figures
  
-The relationship between distance traveled in 5 hours and speed shown in the figure above is

Accepted Answer

A)  direct , linear 
B)  inverse, linear 
C)  direct , non-linear 
D)  inverse, positive 
E)  direct, negative 
A)  direct , linear 
B)  inverse, linear 
C)  direct , non-linear 
D)  inverse, positive 
E)  direct, negative

Question 17

If a curve rises and then falls, it has a

Accepted Answer

A)  maximum. 
B)  minimum. 
C)  linear relationship. 
D)  constant slope relationship. 
E)  slope that is negative and then positive. 
A)  maximum. 
B)  minimum. 
C)  linear relationship. 
D)  constant slope relationship. 
E)  slope that is negative and then positive.

Question 18

Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips.He chooses to buy the Mountain Dew.The opportunity cost of the Mountain Dew is

Accepted Answer

A)  the Pepsi and the bag of chips. 
B)  the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. 
C)  the Mountain Dew. 
D)  the Pepsi because it is a drink, as is the Mountain Dew. 
E)  zero because he enjoys the Mountain Dew. 
A)  the Pepsi and the bag of chips. 
B)  the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. 
C)  the Mountain Dew. 
D)  the Pepsi because it is a drink, as is the Mountain Dew. 
E)  zero because he enjoys the Mountain Dew.

Question 19

-In the figure above, between points A and B, what is the slope of the line?

Accepted Answer

A)  4 
B)  1 
C)  3 
D)  -3 
E)  0 
A)  4 
B)  1 
C)  3 
D)  -3 
E)  0

Question 20

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

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

Moving from left to right, a U-shaped curve starts with a

-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 ________ the slope at point B.

When two variables in a graph are related to a third, changing the third causes

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

The Latin term "ceteris paribus" means

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

Scarcity exists because

If the quantity of the variable on the y-axis increases by 3 when the quantity of the variable on the x-axis increases by 4, then the slope of the curve equals

-In the above, in which figure(s) is the slope the same at every point?

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

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.

Define marginal cost and marginal benefit.

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.

1.5 Chapter Figures -The relationship between distance traveled in 5 hours and speed shown in the figure above is

If a curve rises and then falls, it has a

Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips.He chooses to buy the Mountain Dew.The opportunity cost of the Mountain Dew is

-In the figure above, between points A and B, what is the slope of the line?

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

The Usand Global Economies

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Economic Growth

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters

Exam 1: Getting Started

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

Moving from left to right, a U-shaped curve starts with a

-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 ________ the slope at point B.

When two variables in a graph are related to a third, changing the third causes

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

The Latin term "ceteris paribus" means

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

Scarcity exists because

If the quantity of the variable on the y-axis increases by 3 when the quantity of the variable on the x-axis increases by 4, then the slope of the curve equals

-In the above, in which figure(s) is the slope the same at every point?

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

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.

Define marginal cost and marginal benefit.

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.

1.5 Chapter Figures -The relationship between distance traveled in 5 hours and speed shown in the figure above is

If a curve rises and then falls, it has a

Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips.He chooses to buy the Mountain Dew.The opportunity cost of the Mountain Dew is

-In the figure above, between points A and B, what is the slope of the line?

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

The Usand Global Economies

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Economic Growth

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters