Question 1

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 2

________ shows the values of a variable for different groups in the population at a certain point in time.

Accepted Answer

A) A time-series graph 
B) The origin 
C) A cross-section graph 
D) A scatter plot 
E) A trend-line graph 
A) A time-series graph 
B) The origin 
C) A cross-section graph 
D) A scatter plot 
E) A trend-line graph

Question 3

Which of the following is a microeconomic issue?

Accepted Answer

A) Why has unemployment risen nationwide? 
B) Why has economic growth been rapid in China? 
C) What is the impact on the quantity of Pepsi purchased if consumers' tastes change in favor of non-carbonated drinks? 
D) Why is the average income lower in Africa than in Latin America? 
E) Why did overall production increase within the United States last year? 
A) Why has unemployment risen nationwide? 
B) Why has economic growth been rapid in China? 
C) What is the impact on the quantity of Pepsi purchased if consumers' tastes change in favor of non-carbonated drinks? 
D) Why is the average income lower in Africa than in Latin America? 
E) Why did overall production increase within the United States last year?

Question 4

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.

Question 5

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 6

By donating $1,000 to the Salvation Army,Caroline reduces her taxable income.To Caroline,the reduction in her taxable income is

Accepted Answer

A) a marginal benefit. 
B) an opportunity cost. 
C) an incentive. 
D) a marginal cost. 
E) the margin. 
A) a marginal benefit. 
B) an opportunity cost. 
C) an incentive. 
D) a marginal cost. 
E) the margin.

Question 7

-In the figure above,what is the slope of the curve at point A?

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 8

If the marginal benefit of the next slice of pizza exceeds the marginal cost,you will

Accepted Answer

A) eat the slice of pizza. 
B) not eat the slice of pizza. 
C) be unable to choose between eating or not eating. 
D) eat half the slice. 
E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice. 
A) eat the slice of pizza. 
B) not eat the slice of pizza. 
C) be unable to choose between eating or not eating. 
D) eat half the slice. 
E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice.

Question 9

-In the above figure,which of the figures show(s)a relationships between x and y with a positive slope?

Accepted Answer

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

Question 10

Which of the following is NOT a normative economic statement?

Accepted Answer

A) States should reduce the tax on heating fuel oil during the winter. 
B) People over the age of 75 should not be allowed to drive cars. 
C) Teenagers are responsible for most driving fatalities. 
D) We don't spend enough money on anti-smoking campaigns. 
E) The price of gasoline is too high. 
A) States should reduce the tax on heating fuel oil during the winter. 
B) People over the age of 75 should not be allowed to drive cars. 
C) Teenagers are responsible for most driving fatalities. 
D) We don't spend enough money on anti-smoking campaigns. 
E) The price of gasoline is too high.

Question 11

The slope of a line equals the change in the variable measured along the

Accepted Answer

A) x-axis divided by the change in the variable measured along the y-axis. 
B) y-axis divided by the change in the variable measured along the x-axis. 
C) x-axis minus the change in the variable measured along the y-axis. 
D) x-axis multiplied by the change in the variable measured along the y-axis. 
E) y-axis minus the change in the variable measured along the x-axis. 
A) x-axis divided by the change in the variable measured along the y-axis. 
B) y-axis divided by the change in the variable measured along the x-axis. 
C) x-axis minus the change in the variable measured along the y-axis. 
D) x-axis multiplied by the change in the variable measured along the y-axis. 
E) y-axis minus the change in the variable measured along the x-axis.

Question 12

To help unscramble cause and effect,economists

Accepted Answer

A) use the concept of opportunity costs. 
B) must use the ceteris paribus assumption. 
C) answer the "what" question. 
D) answer the "how" question. 
E) must use normative statements. 
A) use the concept of opportunity costs. 
B) must use the ceteris paribus assumption. 
C) answer the "what" question. 
D) answer the "how" question. 
E) must use normative statements.

Question 13

What is the difference between a positive and a negative relationship?

Accepted Answer

Two variables are positively related whe

Question 14

Why do economists say that even very rich people face scarcity?

Accepted Answer

A person faces scarcity whenever his or

Question 15

If there is a positive relationship between two variables,

Accepted Answer

A) the graph of the relationship will be upward sloping. 
B) the graph of the relationship will be downward sloping. 
C) the slope of the line graphing the relationship will be negative. 
D) Both answers A and C are correct. 
E) Both answers B and C are correct. 
A) the graph of the relationship will be upward sloping. 
B) the graph of the relationship will be downward sloping. 
C) the slope of the line graphing the relationship will be negative. 
D) Both answers A and C are correct. 
E) Both answers B and C are correct.

Question 16

-In the figure above,between points A and B,what is the slope of the line?

Accepted Answer

A) 4 
B) 1 
C) 3 
D) -3 
E) 0 
A) 4 
B) 1 
C) 3 
D) -3 
E) 0

Question 17

Demonstrating how an economic variable changes from one year to the next is best illustrated by a

Accepted Answer

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

Question 18

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 19

In the diagram below,label the x-axis,the y-axis,and the origin.

Accepted Answer

@#IMG-DLM& The figure above ha

Question 20

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition of

Accepted Answer

A) a graph. 
B) slope. 
C) a curve. 
D) a relationship. 
E) a trend. 
A) a graph. 
B) slope. 
C) a curve. 
D) a relationship. 
E) a trend.

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

________ shows the values of a variable for different groups in the population at a certain point in time.

Which of the following is a microeconomic issue?

A positive statement

A scatter diagram can be used to see

By donating $1,000 to the Salvation Army,Caroline reduces her taxable income.To Caroline,the reduction in her taxable income is

-In the figure above,what is the slope of the curve at point A?

If the marginal benefit of the next slice of pizza exceeds the marginal cost,you will

-In the above figure,which of the figures show(s)a relationships between x and y with a positive slope?

Which of the following is NOT a normative economic statement?

The slope of a line equals the change in the variable measured along the

To help unscramble cause and effect,economists

What is the difference between a positive and a negative relationship?

Why do economists say that even very rich people face scarcity?

If there is a positive relationship between two variables,

-In the figure above,between points A and B,what is the slope of the line?

Demonstrating how an economic variable changes from one year to the next is best illustrated by a

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

In the diagram below,label the x-axis,the y-axis,and the origin.

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition 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

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

________ shows the values of a variable for different groups in the population at a certain point in time.

Which of the following is a microeconomic issue?

A positive statement

A scatter diagram can be used to see

By donating $1,000 to the Salvation Army,Caroline reduces her taxable income.To Caroline,the reduction in her taxable income is

-In the figure above,what is the slope of the curve at point A?

If the marginal benefit of the next slice of pizza exceeds the marginal cost,you will

-In the above figure,which of the figures show(s)a relationships between x and y with a positive slope?

Which of the following is NOT a normative economic statement?

The slope of a line equals the change in the variable measured along the

To help unscramble cause and effect,economists

What is the difference between a positive and a negative relationship?

Why do economists say that even very rich people face scarcity?

If there is a positive relationship between two variables,

-In the figure above,between points A and B,what is the slope of the line?

Demonstrating how an economic variable changes from one year to the next is best illustrated by a

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

In the diagram below,label the x-axis,the y-axis,and the origin.

"The change in the value of the variable measured on the y-axis divided by the change in the value of the variable measured on the x-axis" is the definition 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