Question 1

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false?
 Explain your answer.

Accepted Answer

The statement is false because it is pos

Question 2

Which of the following is a microeconomic issue?

Accepted Answer

A)  The price of gasoline increases in the United States this year. 
B)  The Brazilian economy experiences rapid economic growth. 
C)  The unemployment rate soars in Spain. 
D)  Inflation skyrockets in Russia. 
E)  The U.S.government cuts taxes to combat a recession. 
A)  The price of gasoline increases in the United States this year. 
B)  The Brazilian economy experiences rapid economic growth. 
C)  The unemployment rate soars in Spain. 
D)  Inflation skyrockets in Russia. 
E)  The U.S.government cuts taxes to combat a recession.

Question 3

If a decision is made and it is the best choice for society, the decision is said to be

Accepted Answer

A)  a valid economic choice. 
B)  made in self-interest. 
C)  made in social interest. 
D)  consist with scarcity. 
E)  a want-maximizing choice. 
A)  a valid economic choice. 
B)  made in self-interest. 
C)  made in social interest. 
D)  consist with scarcity. 
E)  a want-maximizing choice.

Question 4

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 5

The characteristic from which all economic problems arise is

Accepted Answer

A)  political decisions. 
B)  providing a minimal standard of living for every person. 
C)  how to make a profit. 
D)  hunger. 
E)  scarcity. 
A)  political decisions. 
B)  providing a minimal standard of living for every person. 
C)  how to make a profit. 
D)  hunger. 
E)  scarcity.

Question 6

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition of

Accepted Answer

A)  a graph. 
B)  slope. 
C)  a curve. 
D)  a relationship. 
E)  a trend. 
A)  a graph. 
B)  slope. 
C)  a curve. 
D)  a relationship. 
E)  a trend.

Question 7

-The slope of the curve at point B

Accepted Answer

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

Question 8

Which of the following is a microeconomic topic?
I. K-Mart's decision to close stores that are not making a profit
Ii. Home Depot's choice to hire more full-time employees because its sales increased
Iii. Delta Airlines changes its fares

Accepted Answer

A)  i only. 
B)  ii only. 
C)  i and iii. 
D)  ii and iii. 
E)  i, ii, and iii. 
A)  i only. 
B)  ii only. 
C)  i and iii. 
D)  ii and iii. 
E)  i, ii, and iii.

Question 9

To economists, scarcity means that

Accepted Answer

A)  limited wants cannot be satisfied by the unlimited resources. 
B)  a person looking for work is not able to find work. 
C)  the number of people without jobs rises when economic times are bad. 
D)  there can never be answers to the what, how or for whom questions. 
E)  unlimited wants cannot be satisfied by the limited resources. 
A)  limited wants cannot be satisfied by the unlimited resources. 
B)  a person looking for work is not able to find work. 
C)  the number of people without jobs rises when economic times are bad. 
D)  there can never be answers to the what, how or for whom questions. 
E)  unlimited wants cannot be satisfied by the limited resources.

Question 10

The question "Should economics majors or sociology majors earn more after they graduate? " 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 11

Whenever people's incomes increase, they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

Accepted Answer

A)  a positive relationship. 
B)  a linear relationship. 
C)  a negative relationship. 
D)  some sort of relationship, but whether it is positive or negative depends on whether income is plotted on the vertical or horizontal axis. 
E)  a U-shaped relationship. 
A)  a positive relationship. 
B)  a linear relationship. 
C)  a negative relationship. 
D)  some sort of relationship, but whether it is positive or negative depends on whether income is plotted on the vertical or horizontal axis. 
E)  a U-shaped relationship.

Question 12

Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time.Your opportunity cost of taking the test is the

Accepted Answer

A)  forgone work. 
B)  forgone party. 
C)  forgone working and partying. 
D)  forgone working or partying, depending on which was your next best choice. 
E)  test because you are taking it. 
A)  forgone work. 
B)  forgone party. 
C)  forgone working and partying. 
D)  forgone working or partying, depending on which was your next best choice. 
E)  test because you are taking it.

Question 13

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 14

The question "Will doctors or lawyers have higher annual incomes?
" represents which of the three basic economic questions?

Accepted Answer

The amount of goods and services a perso

Question 15

What are the two different types of relationships that variables can have?
 Explain each.What do these relationships look like when they are graphed?

Accepted Answer

Variables can have two relationships: po

Question 16

$\begin{array}{cr}
X & Y \
\hline 2 & 20 \
4 & 16 \
6 & 12 \
8 & 8
\end{array}$
-Graph the data in the table above in the figure.Label the axes.
   
a. Is the relationship between X and Y positive or negative?
b. What is the slope when X = 4?
c. What is the slope when X = 8?

Accepted Answer

@#IMG-DLM& 
The figure labels the axes a

Question 17

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The slope between points B and C equals

Accepted Answer

A)  16. 
B)  8. 
C)  4. 
D)  2. 
E)  14. 
A)  16. 
B)  8. 
C)  4. 
D)  2. 
E)  14.

Question 18

When the Dallas Cowboys score more than 30 points in a game, they win the game.This is an example of

Accepted Answer

A)  an economic theory. 
B)  a correlation. 
C)  ceteris paribus. 
D)  a normative statement. 
E)  a statement on the margin. 
A)  an economic theory. 
B)  a correlation. 
C)  ceteris paribus. 
D)  a normative statement. 
E)  a statement on the margin.

Question 19

Scarcity requires that we

Accepted Answer

A)  produce efficiently. 
B)  learn to limit our wants. 
C)  have the most rapid economic growth possible. 
D)  have unlimited resources. 
E)  make choices about what goods and services to produce. 
A)  produce efficiently. 
B)  learn to limit our wants. 
C)  have the most rapid economic growth possible. 
D)  have unlimited resources. 
E)  make choices about what goods and services to produce.

Question 20

-In the diagram above, which figure(s) show(s) a direct relationship between the variables?

Accepted Answer

A)  both B and C 
B)  both A and C 
C)  only A 
D)  only D 
E)  only B 
A)  both B and C 
B)  both A and C 
C)  only A 
D)  only D 
E)  only B

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Which of the following is a microeconomic issue?

If a decision is made and it is the best choice for society, the decision is said to be

Trend refers to

The characteristic from which all economic problems arise is

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition of

-The slope of the curve at point B

Which of the following is a microeconomic topic? I. K-Mart's decision to close stores that are not making a profit Ii. Home Depot's choice to hire more full-time employees because its sales increased Iii. Delta Airlines changes its fares

To economists, scarcity means that

The question "Should economics majors or sociology majors earn more after they graduate? " is an example of a ________ question.

Whenever people's incomes increase, they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time.Your opportunity cost of taking the test is the

Scarcity results from the fact that

The question "Will doctors or lawyers have higher annual incomes? " represents which of the three basic economic questions?

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The slope between points B and C equals

When the Dallas Cowboys score more than 30 points in a game, they win the game.This is an example of

Scarcity requires that we

-In the diagram above, which figure(s) show(s) a direct relationship between the variables?

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

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Which of the following is a microeconomic issue?

If a decision is made and it is the best choice for society, the decision is said to be

Trend refers to

The characteristic from which all economic problems arise is

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition of

-The slope of the curve at point B

Which of the following is a microeconomic topic? I. K-Mart's decision to close stores that are not making a profit Ii. Home Depot's choice to hire more full-time employees because its sales increased Iii. Delta Airlines changes its fares

To economists, scarcity means that

The question "Should economics majors or sociology majors earn more after they graduate? " is an example of a ________ question.

Whenever people's incomes increase, they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time.Your opportunity cost of taking the test is the

Scarcity results from the fact that

The question "Will doctors or lawyers have higher annual incomes? " represents which of the three basic economic questions?

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

X Y 2 20 4 16 6 12 8 8 -Graph the data in the table above in the figure.Label the axes. a. Is the relationship between X and Y positive or negative? b. What is the slope when X = 4? c. What is the slope when X = 8?

-The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell.The slope between points B and C equals

When the Dallas Cowboys score more than 30 points in a game, they win the game.This is an example of

Scarcity requires that we

-In the diagram above, which figure(s) show(s) a direct relationship between the variables?

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