Question 1

-In the above, which figure shows a linear relationship?

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 2

The slope of a line is the change in the y- axis variable divided by the change in the x- axis variable.

Accepted Answer

A) True 
 B)False

Question 3

In economics we learn that

Accepted Answer

A)  sometimes there is such a thing as a "free lunch." 
B)  opportunity costs are all of the possible alternatives given up when we make a choice. 
C)  tradeoffs allow us to avoid the problem of opportunity cost. 
D)  None of the above answers is correct. 
A)  sometimes there is such a thing as a "free lunch." 
B)  opportunity costs are all of the possible alternatives given up when we make a choice. 
C)  tradeoffs allow us to avoid the problem of opportunity cost. 
D)  None of the above answers is correct.

Question 4

Using the information in the table above, what is the value of the slope between x and y?

Accepted Answer

A)  5 
B)  - 2 
C)  2 
D)  - 0.5 
A)  5 
B)  - 2 
C)  2 
D)  - 0.5

Question 5

To calculate the slope of a curved line, you can calculate the slope at a point on the curve or across an arc of the curve.

Accepted Answer

A) True 
 B)False

Question 6

-Using the above figure, during which of the following periods does the price of crude oil have a downward trend?

Accepted Answer

A)  May to July 
B)  October to December 
C)  May to November 
D)  July to October 
A)  May to July 
B)  October to December 
C)  May to November 
D)  July to October

Question 7

Suppose you produce 10 bikes a day for a total cost of $1000. Total costs increase to $1100 when you produce 15 bikes. Finally, total costs increase to $1300 if you make 20 bikes. A graph showing the relationship between total costs and the number of bikes produced would be

Accepted Answer

A)  a negatively- sloped line that becomes steeper. 
B)  a positively- sloped line that becomes flatter. 
C)  a positively- sloped line that becomes steeper. 
D)  a negatively- sloped line that becomes flatter. 
A)  a negatively- sloped line that becomes steeper. 
B)  a positively- sloped line that becomes flatter. 
C)  a positively- sloped line that becomes steeper. 
D)  a negatively- sloped line that becomes flatter.

Question 8

Which type of graph is used to identify trends?

Accepted Answer

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

Question 9

-The slope of the line in the above figure is

Accepted Answer

A)  2. 
B)  1/2 = 0.5. 
C)  - 2. 
D)  - 1/2 = - 0.5. 
A)  2. 
B)  1/2 = 0.5. 
C)  - 2. 
D)  - 1/2 = - 0.5.

Question 10

-In the figure above, the value on the y- axis decreases as we move from

Accepted Answer

A)  point E to point A. 
B)  point C to point A. 
C)  point G to point A. 
D)  point F to point A. 
A)  point E to point A. 
B)  point C to point A. 
C)  point G to point A. 
D)  point F to point A.

Question 11

-The above figure is

Accepted Answer

A)  a scatter diagram showing that there is no clear relationship between unemployment and inflation. 
B)  an economic model showing that when unemployment falls, inflation rises. 
C)  a time- series graph showing that when unemployment rises, so too does inflation. 
D)  a cross- section graph showing that when unemployment falls, so too does inflation. 
A)  a scatter diagram showing that there is no clear relationship between unemployment and inflation. 
B)  an economic model showing that when unemployment falls, inflation rises. 
C)  a time- series graph showing that when unemployment rises, so too does inflation. 
D)  a cross- section graph showing that when unemployment falls, so too does inflation.

Question 12

-The above figure reveals

Accepted Answer

A)  that as household income increases the average household expenditure on automobiles decreases. 
B)  that as household income increases the average household expenditure on automobiles increases. 
C)  no relationship between household income and average household expenditure on automobiles. 
D)  All of the above are possible. 
A)  that as household income increases the average household expenditure on automobiles decreases. 
B)  that as household income increases the average household expenditure on automobiles increases. 
C)  no relationship between household income and average household expenditure on automobiles. 
D)  All of the above are possible.

Question 13

A country using mainly labor to build a dam instead of using mainly machines is answering the "how" question.

Accepted Answer

A) True 
 B)False

Question 14

One economist says that raising taxes on gas would be in the social interest. What does this economist mean?

Accepted Answer

A)  Higher taxes on gas would benefit everyone. 
B)  Higher taxes on gas would benefit society as a whole. 
C)  Raising taxes on gas would benefit most of the people. 
D)  Raising taxes on gas would benefit some social groups. 
A)  Higher taxes on gas would benefit everyone. 
B)  Higher taxes on gas would benefit society as a whole. 
C)  Raising taxes on gas would benefit most of the people. 
D)  Raising taxes on gas would benefit some social groups.

Question 15

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 16

A cross- section graph shows the value of a variable

Accepted Answer

A)  as an absolute rate of change over time. 
B)  for different groups at a point in time. 
C)  for a given group across time. 
D)  as a percentage rate of change over time. 
A)  as an absolute rate of change over time. 
B)  for different groups at a point in time. 
C)  for a given group across time. 
D)  as a percentage rate of change over time.

Question 17

Which of the following is NOT a factor of production?

Accepted Answer

A)  the effort of farmers raising cattle. 
B)  the water used to cool a nuclear power plant. 
C)  the management skill of a small business owner. 
D)  the wages paid to workers. 
A)  the effort of farmers raising cattle. 
B)  the water used to cool a nuclear power plant. 
C)  the management skill of a small business owner. 
D)  the wages paid to workers.

Question 18

When I buy an $8.00 movie ticket rather than two paperback books, the opportunity cost of going to the movie is the two paperback books I did not buy.

Accepted Answer

A) True 
 B)False

Question 19

-The above table indicates that variables x and y are

Accepted Answer

A)  second cousins. 
B)  positively related. 
C)  negatively related. 
D)  inversely related. 
A)  second cousins. 
B)  positively related. 
C)  negatively related. 
D)  inversely related.

Question 20

The fact that people with higher incomes get to consume more goods and services addresses the
Question.

Accepted Answer

A)  "when" 
B)  "how" 
C)  "where" 
D)  "for whom" 
A)  "when" 
B)  "how" 
C)  "where" 
D)  "for whom"

-In the above, which figure shows a linear relationship?

The slope of a line is the change in the y- axis variable divided by the change in the x- axis variable.

In economics we learn that

Using the information in the table above, what is the value of the slope between x and y?

To calculate the slope of a curved line, you can calculate the slope at a point on the curve or across an arc of the curve.

-Using the above figure, during which of the following periods does the price of crude oil have a downward trend?

Suppose you produce 10 bikes a day for a total cost of $1000. Total costs increase to $1100 when you produce 15 bikes. Finally, total costs increase to $1300 if you make 20 bikes. A graph showing the relationship between total costs and the number of bikes produced would be

Which type of graph is used to identify trends?

-The slope of the line in the above figure is

-In the figure above, the value on the y- axis decreases as we move from

-The above figure is

-The above figure reveals

A country using mainly labor to build a dam instead of using mainly machines is answering the "how" question.

One economist says that raising taxes on gas would be in the social interest. What does this economist mean?

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

A cross- section graph shows the value of a variable

Which of the following is NOT a factor of production?

When I buy an $8.00 movie ticket rather than two paperback books, the opportunity cost of going to the movie is the two paperback books I did not buy.

-The above table indicates that variables x and y are

The fact that people with higher incomes get to consume more goods and services addresses the Question.

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, which figure shows a linear relationship?

The slope of a line is the change in the y- axis variable divided by the change in the x- axis variable.

In economics we learn that

Using the information in the table above, what is the value of the slope between x and y?

To calculate the slope of a curved line, you can calculate the slope at a point on the curve or across an arc of the curve.

-Using the above figure, during which of the following periods does the price of crude oil have a downward trend?

Suppose you produce 10 bikes a day for a total cost of $1000. Total costs increase to $1100 when you produce 15 bikes. Finally, total costs increase to $1300 if you make 20 bikes. A graph showing the relationship between total costs and the number of bikes produced would be

Which type of graph is used to identify trends?

-The slope of the line in the above figure is

-In the figure above, the value on the y- axis decreases as we move from

-The above figure is

-The above figure reveals

A country using mainly labor to build a dam instead of using mainly machines is answering the "how" question.

One economist says that raising taxes on gas would be in the social interest. What does this economist mean?

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

A cross- section graph shows the value of a variable

Which of the following is NOT a factor of production?

When I buy an $8.00 movie ticket rather than two paperback books, the opportunity cost of going to the movie is the two paperback books I did not buy.

-The above table indicates that variables x and y are

The fact that people with higher incomes get to consume more goods and services addresses the Question.

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