Question 1

Which of the following statements is a positive statement?

Accepted Answer

A) Our country must increase military spending. 
B) There should be a computer in every elementary school classroom. 
C) We need to spend less on luxury items for the wealthy,and more on necessities for the less fortunate. 
D) Online shopping increased by 50 percent this Christmas season. 
E) Too many people are unemployed. 
A) Our country must increase military spending. 
B) There should be a computer in every elementary school classroom. 
C) We need to spend less on luxury items for the wealthy,and more on necessities for the less fortunate. 
D) Online shopping increased by 50 percent this Christmas season. 
E) Too many people are unemployed.

Question 2

-Jamie is preparing to take his SAT tests.The table above shows how Jamie's score depends on the number of hours a week Jamie studies
a.Plot the relationship in the figure,putting the hours studied on the horizontal axis.   
b.Is the relationship you plotted positive or negative?
c.What happens to the slope of the relationship as hours studied increase?
d.Suppose Jamie can enroll in an SAT prep course and,by so doing,for every possible number of hours he studies,his score will be 100 points higher.Plot the new relationship between the number of hours studied and Jamie's SAT score in the figure.
e.How many variables are involved in the figure you just completed?

Accepted Answer

@#IMG-DLM& a.The figure above plots the relationsh

Question 3

Which of the following statements is correct?

Accepted Answer

A) The slope of a straight line changes depending where on the line it is calculated. 
B) The slope of a curved line is not defined because it is impossible to calculate the slope along a curved line. 
C) A straight line that slopes upward moving to the right has a positive slope. 
D) Answers A and B are correct. 
E) Answers A and C are correct. 
A) The slope of a straight line changes depending where on the line it is calculated. 
B) The slope of a curved line is not defined because it is impossible to calculate the slope along a curved line. 
C) A straight line that slopes upward moving to the right has a positive slope. 
D) Answers A and B are correct. 
E) Answers A and C are correct.

Question 4

Opportunity cost is best defined as

Accepted Answer

A) how much money is paid for something. 
B) how much money and time it takes to consume something. 
C) the value of the highest-valued alternative that is forgone in making a choice. 
D) the total of all other alternatives that are forgone in making a choice. 
E) the sunk cost of any decision. 
A) how much money is paid for something. 
B) how much money and time it takes to consume something. 
C) the value of the highest-valued alternative that is forgone in making a choice. 
D) the total of all other alternatives that are forgone in making a choice. 
E) the sunk cost of any decision.

Question 5

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Accepted Answer

The statement is false because it is pos

Question 6

A graph shows the average SAT scores for males and females 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) time-stationary graph. 
E) trend figure. 
A) scatter diagram. 
B) time-series graph. 
C) cross-section graph. 
D) time-stationary graph. 
E) trend figure.

Question 7

-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 B and C equals

Accepted Answer

A) 16. 
B) 8. 
C) 4. 
D) 2. 
E) 14. 
A) 16. 
B) 8. 
C) 4. 
D) 2. 
E) 14.

Question 8

Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."

Accepted Answer

A) This is a normative statement. 
B) The federal government does not face scarcity. 
C) This topic would be studied in microeconomics. 
D) Social interest must always be more important than self-interest. 
E) Ceteris paribus does not apply to the government. 
A) This is a normative statement. 
B) The federal government does not face scarcity. 
C) This topic would be studied in microeconomics. 
D) Social interest must always be more important than self-interest. 
E) Ceteris paribus does not apply to the government.

Question 9

-In the figure above,an increase in z leads to a

Accepted Answer

A) movement up along one of the lines showing the relationship between x and y. 
B) movement down along one of the lines showing the relationship between x and y. 
C) rightward shift of the line showing the relationship between x and y. 
D) leftward shift of the line showing the relationship between x and y. 
E) trend change in both x and y. 
A) movement up along one of the lines showing the relationship between x and y. 
B) movement down along one of the lines showing the relationship between x and y. 
C) rightward shift of the line showing the relationship between x and y. 
D) leftward shift of the line showing the relationship between x and y. 
E) trend change in both x and y.

Question 10

The primary focus of microeconomics is

Accepted Answer

A) to examine the operation of the entire (aggregate)economy. 
B) to examine the behavior and operation of the individual units or sectors that make up the economy. 
C) our government's monetary policy. 
D) the levels of employment and inflation. 
E) to study how we managed to eliminate scarcity. 
A) to examine the operation of the entire (aggregate)economy. 
B) to examine the behavior and operation of the individual units or sectors that make up the economy. 
C) our government's monetary policy. 
D) the levels of employment and inflation. 
E) to study how we managed to eliminate scarcity.

Question 11

When Fresh Express Salads decides to mechanically pick all of its lettuce,it directly answers the ________ question.

Accepted Answer

A) what 
B) how 
C) for whom 
D) where 
E) when 
A) what 
B) how 
C) for whom 
D) where 
E) when

Question 12

Choices that are best for the individuals that make them are choices in pursuit of

Accepted Answer

A) the social interest. 
B) efficiency. 
C) incentives. 
D) self-interest. 
E) equity. 
A) the social interest. 
B) efficiency. 
C) incentives. 
D) self-interest. 
E) equity.

Question 13

Which of the following statements is correct?

Accepted Answer

A) When a line slopes downwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related. 
B) When a line slopes upwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related. 
C) The higher the temperature,the more ice cream people consume.Thus the temperature and ice cream consumption are inversely related. 
D) If two variables are directly related,a graph of the two variables has a negative slope. 
E) None of the above statements is correct. 
A) When a line slopes downwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related. 
B) When a line slopes upwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related. 
C) The higher the temperature,the more ice cream people consume.Thus the temperature and ice cream consumption are inversely related. 
D) If two variables are directly related,a graph of the two variables has a negative slope. 
E) None of the above statements is correct.

Question 14

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 15

If there is no scarcity,

Accepted Answer

A) the opportunity cost of an action would be greater than its sunk cost. 
B) an action would have zero opportunity cost. 
C) choices are no longer rational. 
D) marginal cost of an action is greater than its marginal benefit. 
E) all marginal benefits would equal zero. 
A) the opportunity cost of an action would be greater than its sunk cost. 
B) an action would have zero opportunity cost. 
C) choices are no longer rational. 
D) marginal cost of an action is greater than its marginal benefit. 
E) all marginal benefits would equal zero.

Question 16

"Lower ticket prices would lead to more people attending ballgames." This statement is a

Accepted Answer

A) statement assessing the social interest versus the private interest. 
B) normative statement. 
C) positive statement. 
D) macroeconomic statement. 
E) statement that confuses marginal cost and sunk cost. 
A) statement assessing the social interest versus the private interest. 
B) normative statement. 
C) positive statement. 
D) macroeconomic statement. 
E) statement that confuses marginal cost and sunk cost.

Question 17

The benefit of a one-unit increase in an activity

Accepted Answer

A) is called marginal cost. 
B) is always greater than the opportunity cost of that activity. 
C) decreases as you do more of it. 
D) is measured by what you must give up. 
E) is called rational-choice benefit. 
A) is called marginal cost. 
B) is always greater than the opportunity cost of that activity. 
C) decreases as you do more of it. 
D) is measured by what you must give up. 
E) is called rational-choice benefit.

Question 18

The characteristic from which all economic problems arise is

Accepted Answer

A) political decisions. 
B) providing a minimal standard of living for every person. 
C) how to make a profit. 
D) hunger. 
E) scarcity. 
A) political decisions. 
B) providing a minimal standard of living for every person. 
C) how to make a profit. 
D) hunger. 
E) scarcity.

Question 19

Different nations answer the what,how,and for whom questions differently.China,for instance,builds dams using many workers and only a little capital equipment.The United States builds dams using a few workers and a lot of capital equipment.Which economic question are these two nations answering and why do the answers differ?

Accepted Answer

The nations are answering the "how" ques

Question 20

When the power company decides to use manpower to bury its lines,it directly answers the ________ question.

Accepted Answer

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

Which of the following statements is a positive statement?

Which of the following statements is correct?

Opportunity cost is best defined as

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

A graph shows the average SAT scores for males and females in 2012.The kind of graph used to show these data would be a

-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 B and C equals

Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."

-In the figure above,an increase in z leads to a

The primary focus of microeconomics is

When Fresh Express Salads decides to mechanically pick all of its lettuce,it directly answers the ________ question.

Choices that are best for the individuals that make them are choices in pursuit of

Which of the following statements is correct?

Decision making on the margin involves

If there is no scarcity,

"Lower ticket prices would lead to more people attending ballgames." This statement is a

The benefit of a one-unit increase in an activity

The characteristic from which all economic problems arise is

When the power company decides to use manpower to bury its lines,it directly answers the ________ question.

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

Which of the following statements is a positive statement?

Which of the following statements is correct?

Opportunity cost is best defined as

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

A graph shows the average SAT scores for males and females in 2012.The kind of graph used to show these data would be a

-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 B and C equals

Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."

-In the figure above,an increase in z leads to a

The primary focus of microeconomics is

When Fresh Express Salads decides to mechanically pick all of its lettuce,it directly answers the ________ question.

Choices that are best for the individuals that make them are choices in pursuit of

Which of the following statements is correct?

Decision making on the margin involves

If there is no scarcity,

"Lower ticket prices would lead to more people attending ballgames." This statement is a

The benefit of a one-unit increase in an activity

The characteristic from which all economic problems arise is

When the power company decides to use manpower to bury its lines,it directly answers the ________ question.

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