Question 1

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 2

The study of economics is best described as a study of

Accepted Answer

A) the factors that influence the stock and bond markets. 
B) capitalism. 
C) the choices made in producing goods and services. 
D) coping with scarcity, and choices made as a result of scarcity in a society. 
E) how people earn a living. 
A) the factors that influence the stock and bond markets. 
B) capitalism. 
C) the choices made in producing goods and services. 
D) coping with scarcity, and choices made as a result of scarcity in a society. 
E) how people earn a living.

Question 3

In a graph, a straight line has a negative slope if the line

Accepted Answer

A) is vertical. 
B) is horizontal. 
C) falls from left to right. 
D) rises from left to right. 
E) shows a trend. 
A) is vertical. 
B) is horizontal. 
C) falls from left to right. 
D) rises from left to right. 
E) shows a trend.

Question 4

A time series graph

Accepted Answer

A) shows how a certain variable changes over time. 
B) uses bars rather than lines. 
C) shows points that are scattered. 
D) depicts a series of good economic times a nation had. 
E) is not useful if the goal is to determine a variable's trend. 
A) shows how a certain variable changes over time. 
B) uses bars rather than lines. 
C) shows points that are scattered. 
D) depicts a series of good economic times a nation had. 
E) is not useful if the goal is to determine a variable's trend.

Question 5

Opportunity cost is best defined as

Accepted Answer

A) how much money is paid for something. 
B) how much money and time it takes to consume something. 
C) the value of the highest-valued alternative that is forgone in making a choice. 
D) the total of all other alternatives that are forgone in making a choice. 
E) the sunk cost of any decision. 
A) how much money is paid for something. 
B) how much money and time it takes to consume something. 
C) the value of the highest-valued alternative that is forgone in making a choice. 
D) the total of all other alternatives that are forgone in making a choice. 
E) the sunk cost of any decision.

Question 6

The cost of a one-unit increase in an activity

Accepted Answer

A) is called the total one-unit cost. 
B) is called the marginal cost. 
C) decreases as more of the activity is done. 
D) is called the marginal benefit/cost. 
E) is called the unit cost. 
A) is called the total one-unit cost. 
B) is called the marginal cost. 
C) decreases as more of the activity is done. 
D) is called the marginal benefit/cost. 
E) is called the unit cost.

Question 7

$$\begin{array} { c c } 
X & Y \
2 & 20 \
4 & 16 \
6 & 12 \
8 & 8 \
\hline
\end{array}$$
-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 8

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 9

-What is the slope of the line in the figure above?

Accepted Answer

A) 0.75 
B) -0.75 
C) 1.33 
D) -1.33 
E) Zero 
A) 0.75 
B) -0.75 
C) 1.33 
D) -1.33 
E) Zero

Question 10

When unskilled teens earn less than college graduates, society answers the ________ question.

Accepted Answer

A) how 
B) what 
C) for whom 
D) why 
E) social interest versus self-interest 
A) how 
B) what 
C) for whom 
D) why 
E) social interest versus self-interest

Question 11

A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative. Is the point a maximum point or a minimum point?
 Be sure to draw a figure that supports your answer.

Accepted Answer

@#IMG-DLM& The point is a maximum point. Examine t

Question 12

The decision to go to graduate school is a rational one for a college student if the

Accepted Answer

A) cost is not too great. 
B) marginal cost exceeds the marginal benefit of graduate school. 
C) marginal benefit of graduate school exceeds the marginal cost. 
D) opportunity cost of graduate school equals zero. 
E) student carefully compared the social benefits of this decision. 
A) cost is not too great. 
B) marginal cost exceeds the marginal benefit of graduate school. 
C) marginal benefit of graduate school exceeds the marginal cost. 
D) opportunity cost of graduate school equals zero. 
E) student carefully compared the social benefits of this decision.

Question 13

What is the reason that all economic issues and problems occur?

Accepted Answer

A) All nations use some form of money to buy and sell goods and services. 
B) Humans are always wasteful and inefficient in production and consumption. 
C) Powerful governments are able to control production and consumption. 
D) Human wants exceed the resources available to satisfy them. 
E) People seek only their own self-interest. 
A) All nations use some form of money to buy and sell goods and services. 
B) Humans are always wasteful and inefficient in production and consumption. 
C) Powerful governments are able to control production and consumption. 
D) Human wants exceed the resources available to satisfy them. 
E) People seek only their own self-interest.

Question 14

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 15

Shaniq can spend the next hour studying for a finance test, hiking along the Oregon coast, watching reruns of Lost on television, or napping. If she decides to study, what is the opportunity cost of her choice: hiking, watching television, or napping?

Accepted Answer

With the information given, it is imposs

Question 16

-In the figure above, an increase in z leads to a

Accepted Answer

A) movement up along one of the lines showing the relationship between x and y. 
B) movement down along one of the lines showing the relationship between x and y. 
C) rightward shift of the line showing the relationship between x and y. 
D) leftward shift of the line showing the relationship between x and y. 
E) trend change in both x and y. 
A) movement up along one of the lines showing the relationship between x and y. 
B) movement down along one of the lines showing the relationship between x and y. 
C) rightward shift of the line showing the relationship between x and y. 
D) leftward shift of the line showing the relationship between x and y. 
E) trend change in both x and y.

Question 17

$$\begin{array} { c c } 
\begin{array} { c } 
\text { Katie's Income } \
\text { (dollars per year) }
\end{array} & \begin{array} { c } 
\text { Katie's purchases } \
\text { (books per year) }
\end{array} \
\hline 50,000 & 14 \
70,000 & 16 \
90,000 & 18 \
110,000 & 20 \
\hline
\end{array}$$
-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. Whe

Question 18

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 19

-The graph shows

Accepted Answer

A) a relationship with a minimum. 
B) a relationship with a maximum. 
C) no relationship. 
D) a linear relationship. 
E) a cross-section relationship. 
A) a relationship with a minimum. 
B) a relationship with a maximum. 
C) no relationship. 
D) a linear relationship. 
E) a cross-section relationship.

Question 20

Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger.

Accepted Answer

A) larger than the marginal benefit 
B) smaller than the marginal benefit 
C) equal to the marginal benefit 
D) not related to the marginal benefit 
E) equal to the marginal cost and the marginal benefit 
A) larger than the marginal benefit 
B) smaller than the marginal benefit 
C) equal to the marginal benefit 
D) not related to the marginal benefit 
E) equal to the marginal cost and the marginal benefit

A trend is

The study of economics is best described as a study of

In a graph, a straight line has a negative slope if the line

A time series graph

Opportunity cost is best defined as

The cost of a one-unit increase in an activity

Scarcity requires that we

-What is the slope of the line in the figure above?

When unskilled teens earn less than college graduates, society answers the ________ question.

A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative. Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.

The decision to go to graduate school is a rational one for a college student if the

What is the reason that all economic issues and problems occur?

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.

Shaniq can spend the next hour studying for a finance test, hiking along the Oregon coast, watching reruns of Lost on television, or napping. If she decides to study, what is the opportunity cost of her choice: hiking, watching television, or napping?

-In the figure above, an increase in z leads to a

If a curve rises and then falls, it has a

-The graph shows

Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger.

The Us and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, Education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters

Exam 1: Getting Started

A trend is

The study of economics is best described as a study of

In a graph, a straight line has a negative slope if the line

A time series graph

Opportunity cost is best defined as

The cost of a one-unit increase in an activity

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?

Scarcity requires that we

-What is the slope of the line in the figure above?

When unskilled teens earn less than college graduates, society answers the ________ question.

A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative. Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.

The decision to go to graduate school is a rational one for a college student if the

What is the reason that all economic issues and problems occur?

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.

Shaniq can spend the next hour studying for a finance test, hiking along the Oregon coast, watching reruns of Lost on television, or napping. If she decides to study, what is the opportunity cost of her choice: hiking, watching television, or napping?

-In the figure above, an increase in z leads to a

If a curve rises and then falls, it has a

-The graph shows

Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger.

The Us and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, Education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters