Question 1

-In the above figure, the diagram shows

Accepted Answer

A)  a downward trend in x. 
B)  an upward trend in x. 
C)  a two- variable scatter diagram. 
D)  a scatter diagram. 
A)  a downward trend in x. 
B)  an upward trend in x. 
C)  a two- variable scatter diagram. 
D)  a scatter diagram.

Question 2

-In the above, a positive relationship between price and quantity is shown in

Accepted Answer

A)  Figure A 
B)  Figure B 
C)  both Figure A and Figure B. 
D)  neither Figure A nor Figure B. 
A)  Figure A 
B)  Figure B 
C)  both Figure A and Figure B. 
D)  neither Figure A nor Figure B.

Question 3

-In the above figure, the relationship between the tax rate and tax revenue is positive and becoming less steep between tax rates of

Accepted Answer

A)  30 percent and 100 percent. 
B)  0 percent and 30 percent. 
C)  0 percent and 100 percent. 
D)  None of the above answers are correct. 
A)  30 percent and 100 percent. 
B)  0 percent and 30 percent. 
C)  0 percent and 100 percent. 
D)  None of the above answers are correct.

Question 4

A normative statement is

Accepted Answer

A)  one that does not use marginal concepts. 
B)  about what is. 
C)  always true. 
D)  about what ought to be. 
A)  one that does not use marginal concepts. 
B)  about what is. 
C)  always true. 
D)  about what ought to be.

Question 5

A negative relationship exists between the variable measured along the y- axis and the variable measured along the x- axis if

Accepted Answer

A)  the variable measured along the x- axis and the variable measured along the y- axis move in the opposite direction. 
B)  the variable measured along the x- axis and the variable measured along the y- axis move in the same direction. 
C)  an increase in the variable measured along the x- axis is associated with an increase in the variable measured along the y- axis. 
D)  a reduction in the variable measured along the x- axis is associated with a reduction in the variable measured along the y- axis. 
A)  the variable measured along the x- axis and the variable measured along the y- axis move in the opposite direction. 
B)  the variable measured along the x- axis and the variable measured along the y- axis move in the same direction. 
C)  an increase in the variable measured along the x- axis is associated with an increase in the variable measured along the y- axis. 
D)  a reduction in the variable measured along the x- axis is associated with a reduction in the variable measured along the y- axis.

Question 6

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 7

Compared to other types of graphs, a is preferred to show the relationship between two variables like unemployment and inflation.

Accepted Answer

A)  time- series graph 
B)  coordinate 
C)  scatter diagram 
D)  cross- section graph 
A)  time- series graph 
B)  coordinate 
C)  scatter diagram 
D)  cross- section graph

Question 8

The income earned by the people who sell the services of the factor of production is called
)

Accepted Answer

A)  entrepreneurship; wages 
B)  capital; rent 
C)  land; profit 
D)  entrepreneurship; profit 
A)  entrepreneurship; wages 
B)  capital; rent 
C)  land; profit 
D)  entrepreneurship; profit

Question 9

In part, microeconomics is concerned with the study of

Accepted Answer

A)  national output of goods and services. 
B)  the Federal Reserve's policies. 
C)  the effect government regulation has on the price of a product. 
D)  unemployment and economic growth. 
A)  national output of goods and services. 
B)  the Federal Reserve's policies. 
C)  the effect government regulation has on the price of a product. 
D)  unemployment and economic growth.

Question 10

The analysis of the behavior of individual decision- making units is the definition of

Accepted Answer

A)  positive economics. 
B)  normative economics. 
C)  microeconomics. 
D)  macroeconomics. 
A)  positive economics. 
B)  normative economics. 
C)  microeconomics. 
D)  macroeconomics.

Question 11

-Based on the information in the table above, what is the relationship between x and y?

Accepted Answer

A)  inverse 
B)  direct 
C)  positive 
D)  No relationship exists between x and y. 
A)  inverse 
B)  direct 
C)  positive 
D)  No relationship exists between x and y.

Question 12

After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal- Mart for $38,000 and working for Ernst and Young consulting for $42,000. Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?

Accepted Answer

A)  the $45,000 you are paid for working at the Bureau of Labor Statistics 
B)  the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal- Mart 
C)  the $38,000 you would have been paid working for Wal- Mart 
D)  the $42,000 you would have been paid working for Ernst and Young 
A)  the $45,000 you are paid for working at the Bureau of Labor Statistics 
B)  the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal- Mart 
C)  the $38,000 you would have been paid working for Wal- Mart 
D)  the $42,000 you would have been paid working for Ernst and Young

Question 13

When a university decides to add to the football stadium instead of adding to the baseball stadium, it faces the

Accepted Answer

A)  macroeconomic question. 
B)  "for whom" tradeoff. 
C)  "what" tradeoff. 
D)  "how" tradeoff. 
A)  macroeconomic question. 
B)  "for whom" tradeoff. 
C)  "what" tradeoff. 
D)  "how" tradeoff.

Question 14

-In the above table, two minimum points in the table are the decades of

Accepted Answer

A)  1910s and 1970s. 
B)  1950s and 1980s. 
C)  1930s and 1970s. 
D)  1960s and 1970s. 
A)  1910s and 1970s. 
B)  1950s and 1980s. 
C)  1930s and 1970s. 
D)  1960s and 1970s.

Question 15

All economic questions are about

Accepted Answer

A)  what to produce. 
B)  how to cope with scarcity. 
C)  how to satisfy all our wants. 
D)  how to make money. 
A)  what to produce. 
B)  how to cope with scarcity. 
C)  how to satisfy all our wants. 
D)  how to make money.

Question 16

A trend is a general tendency for a variable to increase or decrease over time.

Accepted Answer

A) True 
 B)False

Question 17

Inflation climbed steadily from 1952 to 1972. A time- series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show

Accepted Answer

A)  the rate of inflation as a horizontal line. 
B)  that inflation had a positive trend. 
C)  that inflation had a negative trend. 
D)  that inflation was following a decreasing trend line. 
A)  the rate of inflation as a horizontal line. 
B)  that inflation had a positive trend. 
C)  that inflation had a negative trend. 
D)  that inflation was following a decreasing trend line.

Question 18

-Which of the following correctly describes the above figure?

Accepted Answer

A)  There is a positive relationship between x and y. 
B)  There is no relationship between x and y. 
C)  There is a negative relationship between x and y. 
D)  None of the above answers are correct. 
A)  There is a positive relationship between x and y. 
B)  There is no relationship between x and y. 
C)  There is a negative relationship between x and y. 
D)  None of the above answers are correct.

Question 19

If variables x and y move up and down together, they are

Accepted Answer

A)  trend related. 
B)  unrelated. 
C)  negative related. 
D)  positively related. 
A)  trend related. 
B)  unrelated. 
C)  negative related. 
D)  positively related.

Question 20

-In the above diagram, draw a straight line with a slope of zero.

Accepted Answer

@#IMG-DLM& A horizontal line has a slope

-In the above figure, the diagram shows

-In the above, a positive relationship between price and quantity is shown in

-In the above figure, the relationship between the tax rate and tax revenue is positive and becoming less steep between tax rates of

A normative statement is

A negative relationship exists between the variable measured along the y- axis and the variable measured along the x- axis if

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

Compared to other types of graphs, a is preferred to show the relationship between two variables like unemployment and inflation.

The income earned by the people who sell the services of the factor of production is called )

In part, microeconomics is concerned with the study of

The analysis of the behavior of individual decision- making units is the definition of

-Based on the information in the table above, what is the relationship between x and y?

When a university decides to add to the football stadium instead of adding to the baseball stadium, it faces the

-In the above table, two minimum points in the table are the decades of

All economic questions are about

A trend is a general tendency for a variable to increase or decrease over time.

Inflation climbed steadily from 1952 to 1972. A time- series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show

-Which of the following correctly describes the above figure?

If variables x and y move up and down together, they are

-In the above diagram, draw a straight line with a slope of zero.

The Economic Problem

Demand and Supply

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers: They Keynesian Model

U.S. Inflation, Unemployment, and Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Filters

Exam 1: What Is Economics

-In the above figure, the diagram shows

-In the above, a positive relationship between price and quantity is shown in

-In the above figure, the relationship between the tax rate and tax revenue is positive and becoming less steep between tax rates of

A normative statement is

A negative relationship exists between the variable measured along the y- axis and the variable measured along the x- axis if

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

Compared to other types of graphs, a is preferred to show the relationship between two variables like unemployment and inflation.

The income earned by the people who sell the services of the factor of production is called )

In part, microeconomics is concerned with the study of

The analysis of the behavior of individual decision- making units is the definition of

-Based on the information in the table above, what is the relationship between x and y?

When a university decides to add to the football stadium instead of adding to the baseball stadium, it faces the

-In the above table, two minimum points in the table are the decades of

All economic questions are about

A trend is a general tendency for a variable to increase or decrease over time.

Inflation climbed steadily from 1952 to 1972. A time- series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show

-Which of the following correctly describes the above figure?

If variables x and y move up and down together, they are

-In the above diagram, draw a straight line with a slope of zero.

The Economic Problem

Demand and Supply

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers: They Keynesian Model

U.S. Inflation, Unemployment, and Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Filters