Question 1

-The slope of the line shown in the above figure is

Accepted Answer

A) -1 1/3. 
B) -1 2/3. 
C) -1.25. 
D) -0.80. 
E) 5. 
A) -1 1/3. 
B) -1 2/3. 
C) -1.25. 
D) -0.80. 
E) 5.

Question 2

-What does the slope of the line shown in the above figure equal?

Accepted Answer

The slope equals the change in

Question 3

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 4

Define marginal cost and marginal benefit.

Accepted Answer

Marginal cost is the opportuni

Question 5

Rather than go out to eat by yourself, you decide to stay at home and fix dinner for yourself and your two roommates. Your roommates applaud your decision. Your roommates tell you that your decision to eat at home has no opportunity cost because you already have all the dinner ingredients in your pantry. Is this comment correct?

Accepted Answer

Your roommates' comment is incorrect. Th

Question 6

-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 7

The marginal benefit of an activity is i. the benefit from a one-unit increase in the activity
Ii. the benefit of a small, unimportant activity.
Iii. measured by what the person is willing to give up to get one additional unit of the activity.

Accepted Answer

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

Question 8

To show the values of an economic variable for different groups in a population at a point in time, it is best to use a

Accepted Answer

A) scatter diagram. 
B) time-series graph. 
C) linear graph. 
D) cross-section graph 
E) trend-section diagram. 
A) scatter diagram. 
B) time-series graph. 
C) linear graph. 
D) cross-section graph 
E) trend-section diagram.

Question 9

A cross-section graph

Accepted Answer

A) is divided into different sections. 
B) shows values of an economic variable for different groups in a population at a point in time. 
C) measures time on the x-axis and the variable in which we are interested on the y-axis. 
D) Both answers A and C are correct. 
E) Both answers B and C are correct. 
A) is divided into different sections. 
B) shows values of an economic variable for different groups in a population at a point in time. 
C) measures time on the x-axis and the variable in which we are interested on the y-axis. 
D) Both answers A and C are correct. 
E) Both answers B and C are correct.

Question 10

Decision making on the margin involves

Accepted Answer

A) comparing the marginal cost and marginal benefits when making a decision. 
B) comparing the total cost and the total benefit when making a decision. 
C) eliminating the additional cost when making a decision. 
D) determining the total benefits of a decision. 
E) comparing the benefits from the social interest to the benefits from the person's self-interest. 
A) comparing the marginal cost and marginal benefits when making a decision. 
B) comparing the total cost and the total benefit when making a decision. 
C) eliminating the additional cost when making a decision. 
D) determining the total benefits of a decision. 
E) comparing the benefits from the social interest to the benefits from the person's self-interest.

Question 11

Scarcity means that

Accepted Answer

A) what we can produce with our resources is greater than our material wants. 
B) resources are unlimited. 
C) wants are greater than what we can produce with out resources. 
D) governments must make up for shortages in resources. 
E) choices made in self-interest cannot be the same as those made in the social interest. 
A) what we can produce with our resources is greater than our material wants. 
B) resources are unlimited. 
C) wants are greater than what we can produce with out resources. 
D) governments must make up for shortages in resources. 
E) choices made in self-interest cannot be the same as those made in the social interest.

Question 12

The question of "How are goods and services produced? " most closely addresses which of the following issues?

Accepted Answer

A) Should Ford build SUVs or luxury cars? 
B) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs? 
C) Should contractors building residential housing or shopping malls? 
D) Is income distributed fairly in the United States? 
E) Why are Christmas trees popular only in December? 
A) Should Ford build SUVs or luxury cars? 
B) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs? 
C) Should contractors building residential housing or shopping malls? 
D) Is income distributed fairly in the United States? 
E) Why are Christmas trees popular only in December?

Question 13

To graph a relationship involving more than two variables, we use which assumption?

Accepted Answer

A) linear assumption 
B) positive relationship assumption 
C) marginal analysis 
D) ceteris paribus 
E) trend assumption 
A) linear assumption 
B) positive relationship assumption 
C) marginal analysis 
D) ceteris paribus 
E) trend assumption

Question 14

-What is the slope of the line in the graph?

Accepted Answer

A) +1/2 
B) -1/2 
C) + 2 
D) -2 
E) -3/4 
A) +1/2 
B) -1/2 
C) + 2 
D) -2 
E) -3/4

Question 15

Economists measure opportunity cost

Accepted Answer

A) only when it is on the margin. 
B) as the best thing given up. 
C) as the sum of all forgone opportunities. 
D) as the same as marginal benefit. 
E) as equal to the sum of all the sunk costs. 
A) only when it is on the margin. 
B) as the best thing given up. 
C) as the sum of all forgone opportunities. 
D) as the same as marginal benefit. 
E) as equal to the sum of all the sunk costs.

Question 16

Why does scarcity lead to the what, how, and for whom questions?

Accepted Answer

Human wants exceed the resources availab

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 A and B is

Accepted Answer

A) 20. 
B) 16. 
C) 2. 
D) 4 
E) nonexistent because at point A, no roses are sold. 
A) 20. 
B) 16. 
C) 2. 
D) 4 
E) nonexistent because at point A, no roses are sold.

Question 18

Most economic graphs have two lines perpendicular to each other. Where these lines met is called the

Accepted Answer

A) origin. 
B) y-axis. 
C) x-axis. 
D) variable. 
E) point of beginning. 
A) origin. 
B) y-axis. 
C) x-axis. 
D) variable. 
E) point of beginning.

Question 19

What is an opportunity cost?
 Give an example.

Accepted Answer

An opportunity cost of something is the

Question 20

A graph shows the average wage of various demographic groups in 2012. The kind of graph used to show these data would be a

Accepted Answer

A) scatter diagram. 
B) time-series graph. 
C) cross-section graph. 
D) Venn diagram. 
E) fixed-year figure. 
A) scatter diagram. 
B) time-series graph. 
C) cross-section graph. 
D) Venn diagram. 
E) fixed-year figure.

-The slope of the line shown in the above figure is

-What does the slope of the line shown in the above figure equal?

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

Define marginal cost and marginal benefit.

-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 marginal benefit of an activity is i. the benefit from a one-unit increase in the activity Ii. the benefit of a small, unimportant activity. Iii. measured by what the person is willing to give up to get one additional unit of the activity.

To show the values of an economic variable for different groups in a population at a point in time, it is best to use a

A cross-section graph

Decision making on the margin involves

Scarcity means that

The question of "How are goods and services produced? " most closely addresses which of the following issues?

To graph a relationship involving more than two variables, we use which assumption?

-What is the slope of the line in the graph?

Economists measure opportunity cost

Why does scarcity lead to the what, how, and for whom questions?

-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 A and B is

Most economic graphs have two lines perpendicular to each other. Where these lines met is called the

What is an opportunity cost? Give an example.

A graph shows the average wage of various demographic groups in 2012. The kind of graph used to show these data would be a

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

-The slope of the line shown in the above figure is

-What does the slope of the line shown in the above figure equal?

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

Define marginal cost and marginal benefit.

-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 marginal benefit of an activity is i. the benefit from a one-unit increase in the activity Ii. the benefit of a small, unimportant activity. Iii. measured by what the person is willing to give up to get one additional unit of the activity.

To show the values of an economic variable for different groups in a population at a point in time, it is best to use a

A cross-section graph

Decision making on the margin involves

Scarcity means that

The question of "How are goods and services produced? " most closely addresses which of the following issues?

To graph a relationship involving more than two variables, we use which assumption?

-What is the slope of the line in the graph?

Economists measure opportunity cost

Why does scarcity lead to the what, how, and for whom questions?

-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 A and B is

Most economic graphs have two lines perpendicular to each other. Where these lines met is called the

What is an opportunity cost? Give an example.

A graph shows the average wage of various demographic groups in 2012. The kind of graph used to show these data would be a

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