Question 1

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

Accepted Answer

A) 3. 
B) 3/20. 
C) 2/20. 
D) 1/20. 
E) 0. 
A) 3. 
B) 3/20. 
C) 2/20. 
D) 1/20. 
E) 0.

Question 2

If the marginal benefit of getting a college degree rises,rational people will

Accepted Answer

A) attend college in greater numbers. 
B) drop out of college. 
C) not change their behavior. 
D) require that college get easier. 
E) raise the marginal cost of attending college. 
A) attend college in greater numbers. 
B) drop out of college. 
C) not change their behavior. 
D) require that college get easier. 
E) raise the marginal cost of attending college.

Question 3

Because resources are scarce,economists would say that

Accepted Answer

A) the best things in life are always free. 
B) people's wants are unlimited. 
C) every choice has an opportunity cost. 
D) anything worth doing is worth doing well. 
E) there are no benefits from cooperation. 
A) the best things in life are always free. 
B) people's wants are unlimited. 
C) every choice has an opportunity cost. 
D) anything worth doing is worth doing well. 
E) there are no benefits from cooperation.

Question 4

-In the above figure,the diagram shows

Accepted Answer

A) a downward trend in x. 
B) an upward trend in x. 
C) a scatter diagram. 
D) a two-variable scatter diagram. 
E) a cross-section graph between x and time. 
A) a downward trend in x. 
B) an upward trend in x. 
C) a scatter diagram. 
D) a two-variable scatter diagram. 
E) a cross-section graph between x and time.

Question 5

Which of the following scenarios describes an action that is not rational from an economic point of view?

Accepted Answer

A) After drinking one martini (shaken,not stirred),James buys and drinks a second martini even though the marginal benefit of the second martini is lower than the marginal benefit of the first. 
B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home. 
C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning. 
D) US Airways sells a last minute ticket to Don for $50 even though its average cost per passenger is $250. 
E) None of the above 
A) After drinking one martini (shaken,not stirred),James buys and drinks a second martini even though the marginal benefit of the second martini is lower than the marginal benefit of the first. 
B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home. 
C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning. 
D) US Airways sells a last minute ticket to Don for $50 even though its average cost per passenger is $250. 
E) None of the above

Question 6

Whenever people's incomes increase,they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

Accepted Answer

A) a positive relationship. 
B) a linear relationship. 
C) a negative relationship. 
D) some sort of relationship,but whether it is positive or negative depends on whether income is plotted on the vertical or horizontal axis. 
E) a U-shaped relationship. 
A) a positive relationship. 
B) a linear relationship. 
C) a negative relationship. 
D) some sort of relationship,but whether it is positive or negative depends on whether income is plotted on the vertical or horizontal axis. 
E) a U-shaped relationship.

Question 7

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line is ________ the slope of the line between points B and C.

Accepted Answer

A) greater than 
B) equal to 
C) less than 
D) unrelated to 
E) not comparable to 
A) greater than 
B) equal to 
C) less than 
D) unrelated to 
E) not comparable to

Question 8

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

Accepted Answer

A) -5. 
B) -4. 
C) -3. 
D) -1. 
E) -2 
A) -5. 
B) -4. 
C) -3. 
D) -1. 
E) -2

Question 9

The cost of a one-unit increase in an activity

Accepted Answer

A) is called the total one-unit cost. 
B) is called the marginal cost. 
C) decreases as more of the activity is done. 
D) is called the marginal benefit/cost. 
E) is called the unit cost. 
A) is called the total one-unit cost. 
B) is called the marginal cost. 
C) decreases as more of the activity is done. 
D) is called the marginal benefit/cost. 
E) is called the unit cost.

Question 10

A graph that shows how the amount of advertising expenditure differs among various industries can be shown

Accepted Answer

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

Question 11

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic questions?

Accepted Answer

Fertilizer is used to help pro

Question 12

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

Accepted Answer

A) a decrease in marginal benefit to attend the review session. 
B) an increase in marginal cost to attend the review session. 
C) a rational choice. 
D) an incentive to attend the review session. 
E) None of the above answers is correct. 
A) a decrease in marginal benefit to attend the review session. 
B) an increase in marginal cost to attend the review session. 
C) a rational choice. 
D) an incentive to attend the review session. 
E) None of the above answers is correct.

Question 13

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

Accepted Answer

Variables can have two relationships: po

Question 14

Ali decides to attend the one-hour review session for microeconomics instead of working at his job.His job pays him $10 per hour.Ali's opportunity cost of attending the review session is

Accepted Answer

A) the $10 he could have earned at his job. 
B) the value of the session minus the $10 he could have earned at his job. 
C) nothing,because the review session does not cost anything. 
D) equal to the benefit he gets from the review session. 
E) the one-hour review session. 
A) the $10 he could have earned at his job. 
B) the value of the session minus the $10 he could have earned at his job. 
C) nothing,because the review session does not cost anything. 
D) equal to the benefit he gets from the review session. 
E) the one-hour review session.

Question 15

As a person increases his or her caloric intake,the person's weight increases,ceteris paribus.The relationship between the person's caloric intake and the person's weight is an example of

Accepted Answer

A) unrelated variables. 
B) a positive relationship. 
C) a negative relationship. 
D) a single point on a graph. 
E) a trended relationship. 
A) unrelated variables. 
B) a positive relationship. 
C) a negative relationship. 
D) a single point on a graph. 
E) a trended relationship.

Question 16

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

Accepted Answer

A) -1/3. 
B) -5. 
C) -1. 
D) -3. 
E) -10. 
A) -1/3. 
B) -5. 
C) -1. 
D) -3. 
E) -10.

Question 17

-A graph of the relationship between two variables is a line that slopes down to the right.These two variables are ________ related.

Accepted Answer

A) positively 
B) directly 
C) negatively 
D) not 
E) trend-line 
A) positively 
B) directly 
C) negatively 
D) not 
E) trend-line

Question 18

Which type of economic graph reveals trends in data?

Accepted Answer

A) cross-section graph 
B) time-series graph 
C) scatter diagram 
D) Answers A and C are correct. 
E) Answers A,B,and C are all correct. 
A) cross-section graph 
B) time-series graph 
C) scatter diagram 
D) Answers A and C are correct. 
E) Answers A,B,and C are all correct.

Question 19

John decides to leave college early and play professional sports.Which of the following economic principles does John use?
I.personal economic policies
Ii.marginal cost versus marginal benefit analysis
Iii.normative versus positive economics

Accepted Answer

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

Question 20

What kind of information is conveyed in a time-series graph?

Accepted Answer

A time-series graph reveals four types o

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

If the marginal benefit of getting a college degree rises,rational people will

Because resources are scarce,economists would say that

-In the above figure,the diagram shows

Which of the following scenarios describes an action that is not rational from an economic point of view?

Whenever people's incomes increase,they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line is ________ the slope of the line between points B and C.

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

The cost of a one-unit increase in an activity

A graph that shows how the amount of advertising expenditure differs among various industries can be shown

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic questions?

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

Ali decides to attend the one-hour review session for microeconomics instead of working at his job.His job pays him $10 per hour.Ali's opportunity cost of attending the review session is

As a person increases his or her caloric intake,the person's weight increases,ceteris paribus.The relationship between the person's caloric intake and the person's weight is an example of

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

-A graph of the relationship between two variables is a line that slopes down to the right.These two variables are ________ related.

Which type of economic graph reveals trends in data?

John decides to leave college early and play professional sports.Which of the following economic principles does John use? I.personal economic policies Ii.marginal cost versus marginal benefit analysis Iii.normative versus positive economics

What kind of information is conveyed in a time-series graph?

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

-The figure above shows the relationship between the time a student spends studying and the student's GPA that semester.The slope of the relationship at point A equals

If the marginal benefit of getting a college degree rises,rational people will

Because resources are scarce,economists would say that

-In the above figure,the diagram shows

Which of the following scenarios describes an action that is not rational from an economic point of view?

Whenever people's incomes increase,they buy more guitars.Hence a scatter diagram shows that the relationship between income and guitars purchased is

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line is ________ the slope of the line between points B and C.

-The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week.Between points A and B,the slope of the line equals

The cost of a one-unit increase in an activity

A graph that shows how the amount of advertising expenditure differs among various industries can be shown

Pumpkins are grown in New Mexico with the aid of fertilizer.Hence,fertilizer is a partial answer to which of the three economic questions?

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

What are the two different types of relationships that variables can have? Explain each.What do these relationships look like when they are graphed?

Ali decides to attend the one-hour review session for microeconomics instead of working at his job.His job pays him $10 per hour.Ali's opportunity cost of attending the review session is

As a person increases his or her caloric intake,the person's weight increases,ceteris paribus.The relationship between the person's caloric intake and the person's weight is an example of

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

-A graph of the relationship between two variables is a line that slopes down to the right.These two variables are ________ related.

Which type of economic graph reveals trends in data?

John decides to leave college early and play professional sports.Which of the following economic principles does John use? I.personal economic policies Ii.marginal cost versus marginal benefit analysis Iii.normative versus positive economics

What kind of information is conveyed in a time-series graph?

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