Exam 2: Thinking Like an Economist: The Economist As Scientist

In conducting their research,economists often substitute historical events and historical episodes for

Figure 2-2 -Refer to Figure 2-2.If households are sellers in the markets represented by Box D of this circular-flow diagram,then

The circular-flow diagram is an example of

Where can an economy not produce?

Figure 2-11 -Refer to Figure 2-11.The shift of the production possibilities frontier from A to B illustrates

Figure 2-5 -Refer to Figure 2-5.This economy cannot currently produce 70 washers and 70 dryers because

Figure 2-6 -Refer to Figure 2-6.The opportunity cost of this economy moving from point K to point H is

Economists make assumptions to

Any point on a country's production possibilities frontier represents a combination of two goods that an economy

In the simple circular-flow diagram,who buys the factors of production?

Which types of models are built with assumptions?

Just like models constructed in other areas of science,economic models

When studying the effects of public policy changes,economists

The production possibilities frontier is used to illustrate some basic economic ideas,including

Figure 2-10 -Refer to Figure 2-10,Panel (a)and Panel (b).Which of the following is not a result of the shift of the economy's production possibilities frontier from Panel (a)to Panel (b)?

Figure 2-9 -Refer to Figure 2-9,Panel (a).The opportunity cost of moving from point J to point L is

An economic outcome is said to be efficient if the economy is

A microeconomist - as opposed to a macroeconomist - might study

Figure 2-9 -Refer to Figure 2-9,Panel (a).Production at point K is

The two loops in the circular-flow diagram represent