Question 1

-In the above figure, which of the figures shows a relationship between x and y with a negative slope?

Accepted Answer

A) Figure A 
B) Figure B 
C) Figure C 
D) Figure D 
E) Both Figure A and Figure B 
A) Figure A 
B) Figure B 
C) Figure C 
D) Figure D 
E) Both Figure A and Figure B

Question 2

Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making

Accepted Answer

A) a decision that does not involve an opportunity cost. 
B) a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C) a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D) an irrational decision because studying is more important than watching a movie. 
E) a decision that is not on the margin because she will see the entire movie. 
A) a decision that does not involve an opportunity cost. 
B) a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C) a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D) an irrational decision because studying is more important than watching a movie. 
E) a decision that is not on the margin because she will see the entire movie.

Question 3

What is a normative statement?
 Give an example.

Accepted Answer

A normative statement is a statement abo

Question 4

An independent relationship between two variables is shown in a graph by

Accepted Answer

A) an upward-sloping line. 
B) a horizontal or a vertical line. 
C) a downward-sloping line. 
D) a steeply sloped line. 
E) any straight line curve. 
A) an upward-sloping line. 
B) a horizontal or a vertical line. 
C) a downward-sloping line. 
D) a steeply sloped line. 
E) any straight line curve.

Question 5

$$\begin{array} { c c c } 
\begin{array} { c } 
\text { Price } \
\text { (dollars per blouse) }
\end{array} & \begin{array} { c } 
\text { Katie's purchases } \
\text { (blouses per year) }
\end{array} & \begin{array} { c } 
\text { Kim's purchases } \
\text { (blouses per year) }
\end{array} \
\hline 20 & 10 & 6 \
40 & 8 & 5 \
60 & 6 & 4 \
80 & 4 & 3 \
\hline
\end{array}$$
-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse. In the figure, label the axes and put the price on the y-axis and the quantity of blouses on the x-axis. Plot the data for Katie in the figure. Then, plot the data for Kim in the figure.

Accepted Answer

@#IMG-DLM& The figure above shows the la

Question 6

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 7

On a graph showing the relationship between x and y, the ceteris paribus condition implies that

Accepted Answer

A) no other variables are related to x and y. 
B) the value of x is held constant. 
C) the value of y is held constant. 
D) other variables not shown are held constant. 
E) the value of x and the value of y are held constant. 
A) no other variables are related to x and y. 
B) the value of x is held constant. 
C) the value of y is held constant. 
D) other variables not shown are held constant. 
E) the value of x and the value of y are held constant.

Question 8

Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

Accepted Answer

A) scarcity. 
B) why to produce. 
C) macroeconomics. 
D) microeconomics. 
E) social interest versus self-interest. 
A) scarcity. 
B) why to produce. 
C) macroeconomics. 
D) microeconomics. 
E) social interest versus self-interest.

Question 9

A normative statement i. can be tested as to whether it is true or false.
Ii. is considered negative.
Iii. depends on a person's values.

Accepted Answer

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

Question 10

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by Honda on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is a

Accepted Answer

A) horizontal line. 
B) vertical line. 
C) curve with a maximum. 
D) positively sloped line. 
E) negatively sloped line. 
A) horizontal line. 
B) vertical line. 
C) curve with a maximum. 
D) positively sloped line. 
E) negatively sloped line.

Question 11

Explain whether the statement, "There is life on Mars," is a normative or positive statement.

Accepted Answer

The statement is a positive statement be

Question 12

Microeconomics includes the study of the

Accepted Answer

A) aggregate effects on the national economy. 
B) recessions and inflation in the global economy. 
C) choices made by individuals and businesses. 
D) reasons why the government changes interest rates. 
E) nationwide unemployment rate. 
A) aggregate effects on the national economy. 
B) recessions and inflation in the global economy. 
C) choices made by individuals and businesses. 
D) reasons why the government changes interest rates. 
E) nationwide unemployment rate.

Question 13

What does the slope of a straight line equal?
 How is the slope of a curved line calculated?

Accepted Answer

The slope of a straight line is calculat

Question 14

Most economic graphs have two lines perpendicular to each other. The vertical line is called the

Accepted Answer

A) origin. 
B) y-axis. 
C) x-axis. 
D) variable. 
E) time axis. 
A) origin. 
B) y-axis. 
C) x-axis. 
D) variable. 
E) time axis.

Question 15

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 16

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 17

The question of "What goods and services get produced? " most closely relates to which of the following issues?

Accepted Answer

A) the distribution of goods and services in the economy 
B) producing goods and services in the least costly manner 
C) building a missile defense system, or putting a computer in every elementary school classroom 
D) obtaining specialized training to increase one's income 
E) taxing high income workers to give payments to poor households 
A) the distribution of goods and services in the economy 
B) producing goods and services in the least costly manner 
C) building a missile defense system, or putting a computer in every elementary school classroom 
D) obtaining specialized training to increase one's income 
E) taxing high income workers to give payments to poor households

Question 18

If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals

Accepted Answer

A) 2. 
B) -10. 
C) 10. 
D) -5. 
E) None of the above answers are correct. 
A) 2. 
B) -10. 
C) 10. 
D) -5. 
E) None of the above answers are correct.

Question 19

Scarcity means we must

Accepted Answer

A) consume less. 
B) produce less. 
C) make choices. 
D) earn more. 
E) work more. 
A) consume less. 
B) produce less. 
C) make choices. 
D) earn more. 
E) work more.

Question 20

A positive statement

Accepted Answer

A) must always be right. 
B) cannot be tested. 
C) might be right or wrong. 
D) depends on someone's value judgment. 
E) cannot be negative. 
A) must always be right. 
B) cannot be tested. 
C) might be right or wrong. 
D) depends on someone's value judgment. 
E) cannot be negative.

-In the above figure, which of the figures shows a relationship between x and y with a negative slope?

Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making

What is a normative statement? Give an example.

An independent relationship between two variables is shown in a graph by

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

On a graph showing the relationship between x and y, the ceteris paribus condition implies that

Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

A normative statement i. can be tested as to whether it is true or false. Ii. is considered negative. Iii. depends on a person's values.

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by Honda on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is a

Explain whether the statement, "There is life on Mars," is a normative or positive statement.

Microeconomics includes the study of the

What does the slope of a straight line equal? How is the slope of a curved line calculated?

Most economic graphs have two lines perpendicular to each other. The vertical line is called the

A scatter diagram can be used to see

When people make rational choices, they

The question of "What goods and services get produced? " most closely relates to which of the following issues?

If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals

Scarcity means we must

A positive statement

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

-In the above figure, which of the figures shows a relationship between x and y with a negative slope?

Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making

What is a normative statement? Give an example.

An independent relationship between two variables is shown in a graph by

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

On a graph showing the relationship between x and y, the ceteris paribus condition implies that

Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

A normative statement i. can be tested as to whether it is true or false. Ii. is considered negative. Iii. depends on a person's values.

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by Honda on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is a

Explain whether the statement, "There is life on Mars," is a normative or positive statement.

Microeconomics includes the study of the

What does the slope of a straight line equal? How is the slope of a curved line calculated?

Most economic graphs have two lines perpendicular to each other. The vertical line is called the

A scatter diagram can be used to see

When people make rational choices, they

The question of "What goods and services get produced? " most closely relates to which of the following issues?

If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals

Scarcity means we must

A positive statement

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