Question 1

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

Accepted Answer

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

Question 2

If a small change in the x variable results in a large change in the y variable,the curve will be

Accepted Answer

A) positively sloped. 
B) negatively sloped. 
C) steep. 
D) flat. 
E) trended. 
A) positively sloped. 
B) negatively sloped. 
C) steep. 
D) flat. 
E) trended.

Question 3

-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 4

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

Accepted Answer

It is not necessarily the case that a ra

Question 5

A statement that argues that "if taxes on gasoline increase,gasoline consumption will decrease" is an example of what kind of statement?

Accepted Answer

A) a marginal statement 
B) a macroeconomic statement 
C) a normative statement 
D) a positive statement 
E) a statement that violates rational choice 
A) a marginal statement 
B) a macroeconomic statement 
C) a normative statement 
D) a positive statement 
E) a statement that violates rational choice

Question 6

-In the above,which figure(s)has (have)at least one point at which the slope equals zero?

Accepted Answer

A) Figure B only 
B) Figures A and C 
C) Figure D only 
D) Figures A,C,and D 
E) Figures A and D 
A) Figure B only 
B) Figures A and C 
C) Figure D only 
D) Figures A,C,and D 
E) Figures A and D

Question 7

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 8

-In the figure above,ceteris paribus,an increase in x is associated with

Accepted Answer

A) an increase in y. 
B) a decrease in y. 
C) an increase in z. 
D) a random change in z. 
E) no change in either y or z. 
A) an increase in y. 
B) a decrease in y. 
C) an increase in z. 
D) a random change in z. 
E) no change in either y or z.

Question 9

If Jessie studies economics for two hours instead of going to the movies with her friends,then

Accepted Answer

A) the benefit of studying is the missed movie. 
B) the opportunity cost of studying is the missed movie. 
C) Jesse definitely is making a rational choice. 
D) Jessie is ignoring a sunk cost. 
E) Jessie is not responding to any incentives. 
A) the benefit of studying is the missed movie. 
B) the opportunity cost of studying is the missed movie. 
C) Jesse definitely is making a rational choice. 
D) Jessie is ignoring a sunk cost. 
E) Jessie is not responding to any incentives.

Question 10

The ________ of something is the gain or pleasure that it brings.

Accepted Answer

A) opportunity cost 
B) benefit 
C) marginal cost 
D) rational choice 
E) rational margin 
A) opportunity cost 
B) benefit 
C) marginal cost 
D) rational choice 
E) rational margin

Question 11

-In the above,which figure(s)show(s)a relationship between the variables that is always negative?

Accepted Answer

A) Figure A only 
B) Figure D only 
C) Figures A and C 
D) Figures A,C,and D 
E) Figure B only 
A) Figure A only 
B) Figure D only 
C) Figures A and C 
D) Figures A,C,and D 
E) Figure B only

Question 12

When Ferrari decides to produce 1,200 360 Modenas each year,Ferrari is answering the ________ question.

Accepted Answer

A) for whom 
B) how 
C) what 
D) why 
E) scarcity 
A) for whom 
B) how 
C) what 
D) why 
E) scarcity

Question 13

Which of the following is a microeconomic topic?

Accepted Answer

A) Northwest Airlines analyzes the benefits of adding one more flight to Salt Lake City. 
B) Unemployment soars as taxes increase. 
C) The government leaves interest rates unchanged as the economy improves. 
D) Germany's government increases taxes to avoid a budget deficit. 
E) Chinese economic growth slows. 
A) Northwest Airlines analyzes the benefits of adding one more flight to Salt Lake City. 
B) Unemployment soars as taxes increase. 
C) The government leaves interest rates unchanged as the economy improves. 
D) Germany's government increases taxes to avoid a budget deficit. 
E) Chinese economic growth slows.

Question 14

Which of the following is a positive statement?

Accepted Answer

A) An increase in college tuition is not fair to students. 
B) A recession leads to higher enrollments at universities. 
C) University bookstore prices are too high. 
D) Parking tickets on campus impose an excessive fee. 
E) The school needs more parking for students. 
A) An increase in college tuition is not fair to students. 
B) A recession leads to higher enrollments at universities. 
C) University bookstore prices are too high. 
D) Parking tickets on campus impose an excessive fee. 
E) The school needs more parking for students.

Question 15

The opportunity cost of a decision is measured in terms of

Accepted Answer

A) time. 
B) the price of the alternative we choose. 
C) the next best thing given up. 
D) the price of a new opportunity that arises. 
E) sunk cost. 
A) time. 
B) the price of the alternative we choose. 
C) the next best thing given up. 
D) the price of a new opportunity that arises. 
E) sunk cost.

Question 16

Scarcity

Accepted Answer

A) is the inability to satisfy all our wants. 
B) leads to higher prices. 
C) applies only to people living in poverty. 
D) is not something that affects very rich people. 
E) used to exist everywhere but has been eliminated in advanced economies. 
A) is the inability to satisfy all our wants. 
B) leads to higher prices. 
C) applies only to people living in poverty. 
D) is not something that affects very rich people. 
E) used to exist everywhere but has been eliminated in advanced economies.

Question 17

-The figure above shows the relationship between distance sprinted and recovery time.The curve becomes steeper because as the distance sprinted increases,

Accepted Answer

A) the extra recovery time needed from sprinting another 100 yards increases. 
B) the extra recovery time needed from sprinting another 100 yards decreases. 
C) the recovery time increases. 
D) the recovery time decreases. 
E) the relationship between distance sprinted and recovery time becomes more inverse. 
A) the extra recovery time needed from sprinting another 100 yards increases. 
B) the extra recovery time needed from sprinting another 100 yards decreases. 
C) the recovery time increases. 
D) the recovery time decreases. 
E) the relationship between distance sprinted and recovery time becomes more inverse.

Question 18

-In the above,which figure(s)show(s)relationship between the variables that is always positive?

Accepted Answer

A) Figure A only 
B) Figures C and D 
C) Figures A and C 
D) Figures A,C,and D 
E) Figures A and B 
A) Figure A only 
B) Figures C and D 
C) Figures A and C 
D) Figures A,C,and D 
E) Figures A and B

Question 19

The vertical axis in a graph

Accepted Answer

A) is named the y-axis. 
B) is named the x-axis. 
C) measures time in a cross-section and time-series graph. 
D) has no origin. 
E) measures time only in a time-series graph. 
A) is named the y-axis. 
B) is named the x-axis. 
C) measures time in a cross-section and time-series graph. 
D) has no origin. 
E) measures time only in a time-series graph.

Question 20

Macroeconomics is the study of

Accepted Answer

A) the actions of individual consumers. 
B) national or global economies. 
C) the actions of individual businesses. 
D) the government. 
E) how ceteris paribus affects causation. 
A) the actions of individual consumers. 
B) national or global economies. 
C) the actions of individual businesses. 
D) the government. 
E) how ceteris paribus affects causation.

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

If a small change in the x variable results in a large change in the y variable,the curve will be

-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

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

A statement that argues that "if taxes on gasoline increase,gasoline consumption will decrease" is an example of what kind of statement?

-In the above,which figure(s)has (have)at least one point at which the slope equals zero?

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.

-In the figure above,ceteris paribus,an increase in x is associated with

If Jessie studies economics for two hours instead of going to the movies with her friends,then

The ________ of something is the gain or pleasure that it brings.

-In the above,which figure(s)show(s)a relationship between the variables that is always negative?

When Ferrari decides to produce 1,200 360 Modenas each year,Ferrari is answering the ________ question.

Which of the following is a microeconomic topic?

Which of the following is a positive statement?

The opportunity cost of a decision is measured in terms of

Scarcity

-The figure above shows the relationship between distance sprinted and recovery time.The curve becomes steeper because as the distance sprinted increases,

-In the above,which figure(s)show(s)relationship between the variables that is always positive?

The vertical axis in a graph

Macroeconomics is the study of

The Usand 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

You have data for the amount of rainfall in 50 cities for the month of June.The type of graph to best display these data would be a

If a small change in the x variable results in a large change in the y variable,the curve will be

-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

Must a rational choice always work out well? In other words,is it possible for someone to regret a rational decision?

A statement that argues that "if taxes on gasoline increase,gasoline consumption will decrease" is an example of what kind of statement?

-In the above,which figure(s)has (have)at least one point at which the slope equals zero?

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.

-In the figure above,ceteris paribus,an increase in x is associated with

If Jessie studies economics for two hours instead of going to the movies with her friends,then

The ________ of something is the gain or pleasure that it brings.

-In the above,which figure(s)show(s)a relationship between the variables that is always negative?

When Ferrari decides to produce 1,200 360 Modenas each year,Ferrari is answering the ________ question.

Which of the following is a microeconomic topic?

Which of the following is a positive statement?

The opportunity cost of a decision is measured in terms of

Scarcity

-The figure above shows the relationship between distance sprinted and recovery time.The curve becomes steeper because as the distance sprinted increases,

-In the above,which figure(s)show(s)relationship between the variables that is always positive?

The vertical axis in a graph

Macroeconomics is the study of

The Usand 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