Question 1

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

Accepted Answer

@#IMG-DLM& The figure above ha

Question 2

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

Accepted Answer

@#IMG-DLM& The figure above shows the la

Question 3

-In the diagram above,which figure(s)show(s)no relationship between the variables?

Accepted Answer

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

Question 4

A normative statement
i.can be tested as to whether it is true or false.
ii.is considered negative.
iii.depends on a person's values.

Accepted Answer

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

Question 5

In New State,the bottling law requires that people get a refund of five cents when they return an empty bottle or can.Why does the state pay people to return bottles? In your answer,be sure to mention the role played by rational choice.

Accepted Answer

Policy makers know that people making ra

Question 6

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

Accepted Answer

The figure shows that there is a negativ

Question 7

-A graph shows the average wage of various demographic groups 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)  Venn diagram. 
E)  fixed-year figure. 
A)  scatter diagram. 
B)  time-series graph. 
C)  cross-section graph. 
D)  Venn diagram. 
E)  fixed-year figure.

Question 8

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 9

Why do economists use graphs?

Accepted Answer

Graphs help economists,and others,to vis

Question 10

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 11

Economics is the social science that studies

Accepted Answer

A)  the real reasons people buy goods and services. 
B)  the psychology of individuals and businesses. 
C)  whether a nation has enough natural resources. 
D)  how people make choices to cope with scarcity. 
E)  how choices made in the social interest could eliminate scarcity. 
A)  the real reasons people buy goods and services. 
B)  the psychology of individuals and businesses. 
C)  whether a nation has enough natural resources. 
D)  how people make choices to cope with scarcity. 
E)  how choices made in the social interest could eliminate scarcity.

Question 12

The slope

Accepted Answer

A)  of a straight line is the same regardless of where on the line it is calculated. 
B)  equals the change in the value of the variable measured on the vertical axis divided by the change in the variable measured along the horizontal axis. 
C)  will be small if a large change in the variable measured on the vertical axis is associated with a small change in the variable measured along the horizontal axis. 
D)  Answers A and B are correct. 
E)  Answers A and C are correct. 
A)  of a straight line is the same regardless of where on the line it is calculated. 
B)  equals the change in the value of the variable measured on the vertical axis divided by the change in the variable measured along the horizontal axis. 
C)  will be small if a large change in the variable measured on the vertical axis is associated with a small change in the variable measured along the horizontal axis. 
D)  Answers A and B are correct. 
E)  Answers A and C are correct.

Question 13

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 14

In order to make a rational choice,people must

Accepted Answer

A)  only know what they want. 
B)  be able to afford the choice decided upon. 
C)  decide quickly without wasting time. 
D)  compare marginal costs and marginal benefits. 
E)  determine what is in the social interest. 
A)  only know what they want. 
B)  be able to afford the choice decided upon. 
C)  decide quickly without wasting time. 
D)  compare marginal costs and marginal benefits. 
E)  determine what is in the social interest.

Question 15

You have chosen to take a trip during spring break.If you had not gone,you would either have worked at a temporary job or studied for exams.The opportunity cost of your trip is

Accepted Answer

A)  the wages you would have earned from working. 
B)  the lower grade earned by not studying. 
C)  the wages you would have earned from working and the lower grade earned by not studying. 
D)  the value of the trip. 
E)  We cannot determine what the opportunity cost is without knowing which alternative, working or studying, you would have preferred. 
A)  the wages you would have earned from working. 
B)  the lower grade earned by not studying. 
C)  the wages you would have earned from working and the lower grade earned by not studying. 
D)  the value of the trip. 
E)  We cannot determine what the opportunity cost is without knowing which alternative, working or studying, you would have preferred.

Question 16

-The graph shows

Accepted Answer

A)  a relationship with a minimum. 
B)  a relationship with a maximum. 
C)  no relationship. 
D)  a relationship that becomes less steep. 
E)  a cross-section relationship. 
A)  a relationship with a minimum. 
B)  a relationship with a maximum. 
C)  no relationship. 
D)  a relationship that becomes less steep. 
E)  a cross-section relationship.

Question 17

The question of "What goods and services get produced?" most closely relates to which of the following issues?

Accepted Answer

A)  the distribution of goods and services in the economy 
B)  producing goods and services in the least costly manner 
C)  building a missile defense system, or putting a computer in every elementary school classroom 
D)  obtaining specialized training to increase one's income 
E)  taxing high income workers to give payments to poor households 
A)  the distribution of goods and services in the economy 
B)  producing goods and services in the least costly manner 
C)  building a missile defense system, or putting a computer in every elementary school classroom 
D)  obtaining specialized training to increase one's income 
E)  taxing high income workers to give payments to poor households

Question 18

-The graph shows

Accepted Answer

A)  a positive relationship that becomes less steep. 
B)  a negative relationship that is linear. 
C)  a positive relationship that is linear. 
D)  no relationship between the variables. 
E)  a trend relationship between the variables. 
A)  a positive relationship that becomes less steep. 
B)  a negative relationship that is linear. 
C)  a positive relationship that is linear. 
D)  no relationship between the variables. 
E)  a trend relationship between the variables.

Question 19

A graph shows the wage rate of factory workers.The slope of the line is positive for periods when the wage rate is

Accepted Answer

A)  falling. 
B)  rising. 
C)  high and not changing. 
D)  low and falling. 
E)  high and falling. 
A)  falling. 
B)  rising. 
C)  high and not changing. 
D)  low and falling. 
E)  high and falling.

Question 20

If the change in y = -4 and the change in x = 2,there is

Accepted Answer

A)  an independent relationship between y and x. 
B)  a positive relationship between y and x. 
C)  a negative relationship between y and x. 
D)  no relationship between y and x. 
E)  a relationship between x and y, but more information is needed to determine if it is a negative or positive relationship. 
A)  an independent relationship between y and x. 
B)  a positive relationship between y and x. 
C)  a negative relationship between y and x. 
D)  no relationship between y and x. 
E)  a relationship between x and y, but more information is needed to determine if it is a negative or positive relationship.

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

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

-In the diagram above,which figure(s)show(s)no relationship between the variables?

A normative statement i.can be tested as to whether it is true or false. ii.is considered negative. iii.depends on a person's values.

In New State,the bottling law requires that people get a refund of five cents when they return an empty bottle or can.Why does the state pay people to return bottles? In your answer,be sure to mention the role played by rational choice.

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

-A graph shows the average wage of various demographic groups in 2012.The kind of graph used to show these data would be a

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

Why do economists use graphs?

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

Economics is the social science that studies

The slope

Which of the following is NOT a normative economic statement?

In order to make a rational choice,people must

You have chosen to take a trip during spring break.If you had not gone,you would either have worked at a temporary job or studied for exams.The opportunity cost of your trip is

-The graph shows

The question of "What goods and services get produced?" most closely relates to which of the following issues?

-The graph shows

A graph shows the wage rate of factory workers.The slope of the line is positive for periods when the wage rate is

If the change in y = -4 and the change in x = 2,there is

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

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

-The table above shows how many blouses Katie and Kim will purchase at different prices for a blouse.In the figure,label the axes and put the price on the y-axis and the quantity of blouses on the x-axis.Plot the data for Katie in the figure.Then,plot the data for Kim in the figure.

-In the diagram above,which figure(s)show(s)no relationship between the variables?

A normative statement i.can be tested as to whether it is true or false. ii.is considered negative. iii.depends on a person's values.

In New State,the bottling law requires that people get a refund of five cents when they return an empty bottle or can.Why does the state pay people to return bottles? In your answer,be sure to mention the role played by rational choice.

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

-A graph shows the average wage of various demographic groups in 2012.The kind of graph used to show these data would be a

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

Why do economists use graphs?

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

Economics is the social science that studies

The slope

Which of the following is NOT a normative economic statement?

In order to make a rational choice,people must

You have chosen to take a trip during spring break.If you had not gone,you would either have worked at a temporary job or studied for exams.The opportunity cost of your trip is

-The graph shows

The question of "What goods and services get produced?" most closely relates to which of the following issues?

-The graph shows

A graph shows the wage rate of factory workers.The slope of the line is positive for periods when the wage rate is

If the change in y = -4 and the change in x = 2,there is

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