Question 1

Of the tasks listed below,an economics major would be best qualified to take a job

Accepted Answer

A) analyzing balance sheets. 
B) determining the amount of tax owed. 
C) studying ways of using resources more effectively. 
D) litigating. 
E) determining ways of minimizing taxable income. 
A) analyzing balance sheets. 
B) determining the amount of tax owed. 
C) studying ways of using resources more effectively. 
D) litigating. 
E) determining ways of minimizing taxable income.

Question 2

Consider graph (d)of Figure 1A.2.1.Which one of the following statements is true?

Accepted Answer

A) x and y are negatively related. 
B) x and y are unrelated. 
C) x and y are positively related. 
D) x and y move in opposite directions. 
E) Both A and D are correct. 
A) x and y are negatively related. 
B) x and y are unrelated. 
C) x and y are positively related. 
D) x and y move in opposite directions. 
E) Both A and D are correct.

Question 3

Use the figure below to answer the following question.   Figure 1A.4.4
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
  Cola sales and temperature are

Accepted Answer

A) inversely related. 
B) positively related. 
C) not affected by the price. 
D) unrelated. 
E) negatively related at low prices,but positively related at high prices. 
A) inversely related. 
B) positively related. 
C) not affected by the price. 
D) unrelated. 
E) negatively related at low prices,but positively related at high prices.

Question 4

Which of the following newspaper headlines concerns a macroeconomic issue?

Accepted Answer

A) Why are people buying more SUVs and fewer minivans? 
B) How would a tax on e-commerce affect chapters.indigo.ca? 
C) How would an unexpected freeze in Oxford,Nova Scotia change the price of blueberries in the Maritimes? 
D) Why is Japan's economy stagnant? 
E) Why do grain producers purchase less pesticides? 
A) Why are people buying more SUVs and fewer minivans? 
B) How would a tax on e-commerce affect chapters.indigo.ca? 
C) How would an unexpected freeze in Oxford,Nova Scotia change the price of blueberries in the Maritimes? 
D) Why is Japan's economy stagnant? 
E) Why do grain producers purchase less pesticides?

Question 5

Use the table below to answer the following question.
Table 1A.4.3
  
-Refer to Table 1A.4.3.The table shows some data on the quantity of ice cream consumed at different prices and in different weather conditions.To draw a graph of the relationship between the quantity of the ice cream consumed and the price of ice cream,we must

Accepted Answer

A) decrease the temperature as the price rises. 
B) pick the temperature that prevailed when the price was $2.00. 
C) increase the temperature as the price rises. 
D) hold the temperature constant at any of the four levels shown. 
E) hold the price constant at any of the five levels shown. 
A) decrease the temperature as the price rises. 
B) pick the temperature that prevailed when the price was $2.00. 
C) increase the temperature as the price rises. 
D) hold the temperature constant at any of the four levels shown. 
E) hold the price constant at any of the five levels shown.

Question 6

Use the figure below to answer the following questions.   Figure 1A.3.3
-Figure 1A.3.3 illustrates two variables,x and y,which are

Accepted Answer

A) negatively related,with a decreasing slope as x increases. 
B) negatively related,with an increasing slope as x increases. 
C) positively related,with a decreasing slope as x increases. 
D) positively related,with an increasing slope as x increases. 
E) positively related,with slope first increasing then decreasing. 
A) negatively related,with a decreasing slope as x increases. 
B) negatively related,with an increasing slope as x increases. 
C) positively related,with a decreasing slope as x increases. 
D) positively related,with an increasing slope as x increases. 
E) positively related,with slope first increasing then decreasing.

Question 7

Which one of the following would economists classify as land?

Accepted Answer

A) an automotive plant in British Columbia 
B) rich agricultural soil in Saskatchewan 
C) an oil rig in the Atlantic Ocean 
D) an elementary school in Nova Scotia 
E) automobiles parked in a parking lot in Manitoba 
A) an automotive plant in British Columbia 
B) rich agricultural soil in Saskatchewan 
C) an oil rig in the Atlantic Ocean 
D) an elementary school in Nova Scotia 
E) automobiles parked in a parking lot in Manitoba

Question 8

Use the figure below to answer the following question.   Figure 1A.2.6
-Refer to Figure 1A.2.6.Which one of the following statements is true?

Accepted Answer

A) x and y are positively related at all points between A and D. 
B) x and y are negatively related at all points between points B and D. 
C) y reaches a maximum at point C. 
D) y reaches a minimum at point C. 
E) x and y are unrelated. 
A) x and y are positively related at all points between A and D. 
B) x and y are negatively related at all points between points B and D. 
C) y reaches a maximum at point C. 
D) y reaches a minimum at point C. 
E) x and y are unrelated.

Question 9

Select the best statement about economic models.

Accepted Answer

A) An economic model must always be correct in its predictions or it must be discarded. 
B) An economic model is evaluated based on the realism of its assumptions. 
C) An economic model should not generate predictions about actual events in the real world,since it discusses only abstract events. 
D) An economic model will be discarded if its predictions are often in conflict with the facts. 
E) Economic models are all false. 
A) An economic model must always be correct in its predictions or it must be discarded. 
B) An economic model is evaluated based on the realism of its assumptions. 
C) An economic model should not generate predictions about actual events in the real world,since it discusses only abstract events. 
D) An economic model will be discarded if its predictions are often in conflict with the facts. 
E) Economic models are all false.

Question 10

The most important skills needed for an economics job include

Accepted Answer

A) oral communication skills and qualitative skills. 
B) critical-thinking skills and entrepreneurial skills. 
C) analytical skills and customer service skills. 
D) critical-thinking skills and math skills. 
A) oral communication skills and qualitative skills. 
B) critical-thinking skills and entrepreneurial skills. 
C) analytical skills and customer service skills. 
D) critical-thinking skills and math skills.

Question 11

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

Accepted Answer

A) increasing. 
B) slope. 
C) decreasing. 
D) constant. 
E) a maximum or minimum. 
A) increasing. 
B) slope. 
C) decreasing. 
D) constant. 
E) a maximum or minimum.

Question 12

Which one of the following is an example of capital?

Accepted Answer

A) money 
B) a carpenter 
C) pasture 
D) a bread-slicing machine 
E) a university professor 
A) money 
B) a carpenter 
C) pasture 
D) a bread-slicing machine 
E) a university professor

Question 13

What is the slope across the arc between B and C in Figure 1A.3.3?

Accepted Answer

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

Question 14

Use the table below to answer the following questions.
Table 1A.3.3
  
-Refer to Table 1A.3.3.If we were to draw a graph of this relationship,when would the slope be positive?

Accepted Answer

A) never 
B) only if x is less than 5 
C) only if x equals 5 
D) only if x is greater than 5 
E) We do not have enough information to tell. 
A) never 
B) only if x is less than 5 
C) only if x equals 5 
D) only if x is greater than 5 
E) We do not have enough information to tell.

Question 15

Which one of the following is an example of a factor of production?

Accepted Answer

A) an insurance policy 
B) a donut 
C) the skills of a welder 
D) an IBM stock certificate 
E) a computer game 
A) an insurance policy 
B) a donut 
C) the skills of a welder 
D) an IBM stock certificate 
E) a computer game

Question 16

Use the figure below to answer the following questions.   Figure 1A.4.5
-Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case)
  Refer to Figure 1A.4.5.Which one of the following represents what happens when the temperature rises from 20°C to 25°C?

Accepted Answer

A) The curve shifts from A to B. 
B) The curve shifts from C to B. 
C) The curve shifts from B to C. 
D) The curve shifts along line B. 
E) The curve shifts along line C. 
A) The curve shifts from A to B. 
B) The curve shifts from C to B. 
C) The curve shifts from B to C. 
D) The curve shifts along line B. 
E) The curve shifts along line C.

Question 17

Use the table below to answer the following questions.
Table 1A.4.1
  
-Given the data in Table 1A.4.1,holding z constant,the graph of x and y

Accepted Answer

A) is a negatively sloped line. 
B) is a positively sloped line. 
C) reaches a maximum. 
D) reaches a minimum. 
E) does not have a constant slope. 
A) is a negatively sloped line. 
B) is a positively sloped line. 
C) reaches a maximum. 
D) reaches a minimum. 
E) does not have a constant slope.

Question 18

Use the figure below to answer the following questions.   Figure 1A.2.4
-Refer to Figure 1A.2.4.Suppose theory predicted that for low levels of quantity produced (x)a firm's profits (y)were low,for medium levels of output their profits were high,and for high levels of output their profits were low again.Which one of the graphs would represent this relationship?

Accepted Answer

A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) none of the graphs 
A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) none of the graphs

Question 19

Marginal benefit is the

Accepted Answer

A) total benefit from an activity. 
B) additional benefit from a decrease in an activity. 
C) additional benefit from an increase in an activity. 
D) opportunity cost of a decrease in an activity. 
E) opportunity cost of an increase in an activity. 
A) total benefit from an activity. 
B) additional benefit from a decrease in an activity. 
C) additional benefit from an increase in an activity. 
D) opportunity cost of a decrease in an activity. 
E) opportunity cost of an increase in an activity.

Question 20

If the equation of a straight line is y = 8 - 2x,then the slope is

Accepted Answer

A) -2 and the x-axis intercept is -4. 
B) -2 and the x-axis intercept is 4. 
C) -2 and the x-axis intercept is 8. 
D) 2 and the x-axis intercept is -4. 
E) 2 and the x-axis intercept is 4. 
A) -2 and the x-axis intercept is -4. 
B) -2 and the x-axis intercept is 4. 
C) -2 and the x-axis intercept is 8. 
D) 2 and the x-axis intercept is -4. 
E) 2 and the x-axis intercept is 4.

Of the tasks listed below,an economics major would be best qualified to take a job

Consider graph (d)of Figure 1A.2.1.Which one of the following statements is true?

Use the figure below to answer the following question. Figure 1A.4.4 -Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case) Cola sales and temperature are

Which of the following newspaper headlines concerns a macroeconomic issue?

Use the figure below to answer the following questions. Figure 1A.3.3 -Figure 1A.3.3 illustrates two variables,x and y,which are

Which one of the following would economists classify as land?

Use the figure below to answer the following question. Figure 1A.2.6 -Refer to Figure 1A.2.6.Which one of the following statements is true?

Select the best statement about economic models.

The most important skills needed for an economics job include

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

Which one of the following is an example of capital?

What is the slope across the arc between B and C in Figure 1A.3.3?

Use the table below to answer the following questions. Table 1A.3.3 -Refer to Table 1A.3.3.If we were to draw a graph of this relationship,when would the slope be positive?

Which one of the following is an example of a factor of production?

Use the table below to answer the following questions. Table 1A.4.1 -Given the data in Table 1A.4.1,holding z constant,the graph of x and y

Marginal benefit is the

If the equation of a straight line is y = 8 - 2x,then the slope is

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, preferences, and Choices

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Economic Inequality

Filters

Exam 1: What Is Economics

Of the tasks listed below,an economics major would be best qualified to take a job

Consider graph (d)of Figure 1A.2.1.Which one of the following statements is true?

Use the figure below to answer the following question. Figure 1A.4.4 -Consider the following information on cola sales by number of cases for a typical university residence floor: Price (dollars per case) Cola sales and temperature are

Which of the following newspaper headlines concerns a macroeconomic issue?

Use the figure below to answer the following questions. Figure 1A.3.3 -Figure 1A.3.3 illustrates two variables,x and y,which are

Which one of the following would economists classify as land?

Use the figure below to answer the following question. Figure 1A.2.6 -Refer to Figure 1A.2.6.Which one of the following statements is true?

Select the best statement about economic models.

The most important skills needed for an economics job include

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

Which one of the following is an example of capital?

What is the slope across the arc between B and C in Figure 1A.3.3?

Use the table below to answer the following questions. Table 1A.3.3 -Refer to Table 1A.3.3.If we were to draw a graph of this relationship,when would the slope be positive?

Which one of the following is an example of a factor of production?

Use the table below to answer the following questions. Table 1A.4.1 -Given the data in Table 1A.4.1,holding z constant,the graph of x and y

Marginal benefit is the

If the equation of a straight line is y = 8 - 2x,then the slope is

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, preferences, and Choices

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Economic Inequality

Filters