Question 1

"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. B

Question 2

Scarcity results from the fact that

Accepted Answer

A)  people's wants exceed the resources available to satisfy them. 
B)  not all goals are desirable. 
C)  we cannot answer the major economic questions. 
D)  choices made in self-interest are not always in the social interest. 
E)  the population keeps growing. 
A)  people's wants exceed the resources available to satisfy them. 
B)  not all goals are desirable. 
C)  we cannot answer the major economic questions. 
D)  choices made in self-interest are not always in the social interest. 
E)  the population keeps growing. A

Question 3

A graph of the value of one variable against the value of another variable is known as a

Accepted Answer

A)  two-dimensional graph. 
B)  three-dimensional graph. 
C)  time-series graph. 
D)  scatter diagram. 
E)  two-variable graph. 
A)  two-dimensional graph. 
B)  three-dimensional graph. 
C)  time-series graph. 
D)  scatter diagram. 
E)  two-variable graph. D

Question 4

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 5

When a third string NFL quarterback earns more than a police officer,society answers the ________ question.

Accepted Answer

A)  for whom 
B)  what 
C)  how 
D)  why 
E)  social interest vs. self-interest 
A)  for whom 
B)  what 
C)  how 
D)  why 
E)  social interest vs. self-interest

Question 6

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

Accepted Answer

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

Question 7

-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 relations

Question 8

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 9

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 10

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

Accepted Answer

A)  a decision that does not involve an opportunity cost. 
B)  a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C)  a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D)  an irrational decision because studying is more important than watching a movie. 
E)  a decision that is not on the margin because she will see the entire movie. 
A)  a decision that does not involve an opportunity cost. 
B)  a rational decision if her marginal cost from the movie is greater than her marginal benefit. 
C)  a rational decision if her marginal benefit from the movie is greater than her marginal cost. 
D)  an irrational decision because studying is more important than watching a movie. 
E)  a decision that is not on the margin because she will see the entire movie.

Question 11

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 12

A rational choice is one that

Accepted Answer

A)  always turns out for the best for the decision maker. 
B)  creates no costs for the decision maker. 
C)  must be made with perfect information. 
D)  uses the available resources to most effectively satisfy the wants of the person making the choice. 
E)  is made in the social interest rather than the self-interest. 
A)  always turns out for the best for the decision maker. 
B)  creates no costs for the decision maker. 
C)  must be made with perfect information. 
D)  uses the available resources to most effectively satisfy the wants of the person making the choice. 
E)  is made in the social interest rather than the self-interest.

Question 13

The study of economics is best described as a study of

Accepted Answer

A)  the factors that influence the stock and bond markets. 
B)  capitalism. 
C)  the choices made in producing goods and services. 
D)  coping with scarcity, and choices made as a result of scarcity in a society. 
E)  how people earn a living. 
A)  the factors that influence the stock and bond markets. 
B)  capitalism. 
C)  the choices made in producing goods and services. 
D)  coping with scarcity, and choices made as a result of scarcity in a society. 
E)  how people earn a living.

Question 14

Which of the following is a macroeconomic topic?

Accepted Answer

A)  The federal government's decision to spend more on environmental protection 
B)  The county government's decision to increase the sales tax for your county 
C)  Why did production and jobs expand slowly in 2011? 
D)  General Motors decides what prices to set for their new models. 
E)  The effect of floods in agricultural areas on the price and quantity of wheat 
A)  The federal government's decision to spend more on environmental protection 
B)  The county government's decision to increase the sales tax for your county 
C)  Why did production and jobs expand slowly in 2011? 
D)  General Motors decides what prices to set for their new models. 
E)  The effect of floods in agricultural areas on the price and quantity of wheat

Question 15

Congress and the President passed a national health care policy.This is an example of

Accepted Answer

A)  the government using economic tools to make policy decisions. 
B)  answering the "how" question. 
C)  increasing the marginal cost of health care. 
D)  increasing the marginal benefit of health care. 
E)  normative versus positive economics. 
A)  the government using economic tools to make policy decisions. 
B)  answering the "how" question. 
C)  increasing the marginal cost of health care. 
D)  increasing the marginal benefit of health care. 
E)  normative versus positive economics.

Question 16

-In the diagram above,which figure(s)show(s)a direct relationship between the variables?

Accepted Answer

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

Question 17

Self-interest

Accepted Answer

A)  reflects choices that are best for society as a whole. 
B)  reflects choices that are best for the individual who makes them. 
C)  has nothing to do with determining what goods are produced. 
D)  occurs only when wants exceed available resources. 
E)  cannot be used to determine how goods are produced. 
A)  reflects choices that are best for society as a whole. 
B)  reflects choices that are best for the individual who makes them. 
C)  has nothing to do with determining what goods are produced. 
D)  occurs only when wants exceed available resources. 
E)  cannot be used to determine how goods are produced.

Question 18

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 19

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

Accepted Answer

A)  cross-section graph. 
B)  time-series graph. 
C)  scatter diagram. 
D)  Venn diagram. 
E)  None of the above answers is correct. 
A)  cross-section graph. 
B)  time-series graph. 
C)  scatter diagram. 
D)  Venn diagram. 
E)  None of the above answers is correct.

Question 20

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.

"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

Scarcity results from the fact that

A graph of the value of one variable against the value of another variable is known as a

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

When a third string NFL quarterback earns more than a police officer,society answers the ________ question.

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

A positive statement

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

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

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

A rational choice is one that

The study of economics is best described as a study of

Which of the following is a macroeconomic topic?

Congress and the President passed a national health care policy.This is an example of

-In the diagram above,which figure(s)show(s)a direct relationship between the variables?

Self-interest

If there is no scarcity,

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

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

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 1: Getting Started

"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

Scarcity results from the fact that

A graph of the value of one variable against the value of another variable is known as a

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

When a third string NFL quarterback earns more than a police officer,society answers the ________ question.

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

A positive statement

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

Instead of studying for an additional two hours for the economics final,Leann decides to watch a movie.Leann is making

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

A rational choice is one that

The study of economics is best described as a study of

Which of the following is a macroeconomic topic?

Congress and the President passed a national health care policy.This is an example of

-In the diagram above,which figure(s)show(s)a direct relationship between the variables?

Self-interest

If there is no scarcity,

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

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

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters