Question 1

The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the _ question.

Accepted Answer

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

Question 2

-In the above figure, the axis breaks are used

Accepted Answer

A)  to create a misleading graph. 
B)  to show that there are no data available for the omitted ranges. 
C)  to indicate that there are jumps from the origin, 0, to the first values recorded along the axes. 
D)  to indicate that there are not enough data to be included in the graph. 
A)  to create a misleading graph. 
B)  to show that there are no data available for the omitted ranges. 
C)  to indicate that there are jumps from the origin, 0, to the first values recorded along the axes. 
D)  to indicate that there are not enough data to be included in the graph.

Question 3

An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer.

Accepted Answer

You should disagree. The recent corporat

Question 4

An autoworker is an example of _ and earns .

Accepted Answer

A)  entrepreneurship; wages. 
B)  capital; rent. 
C)  labor; wages. 
D)  labor; rent. 
A)  entrepreneurship; wages. 
B)  capital; rent. 
C)  labor; wages. 
D)  labor; rent.

Question 5

"It is impossible to represent a three variable relationship in a two- dimensional graph." Is this statement true or false? Explain your answer.

Accepted Answer

The statement is false because it is pos

Question 6

The slope of a straight line increases as the numbers on the x- axis become larger.

Accepted Answer

A) True 
 B)False

Question 7

"As the price of gasoline increases, fewer people buy cars that are gas guzzlers." A graph showing this relationship would have

Accepted Answer

A)  a direct relationship. 
B)  a horizontal line. 
C)  a positive relationship. 
D)  a negative slope. 
A)  a direct relationship. 
B)  a horizontal line. 
C)  a positive relationship. 
D)  a negative slope.

Question 8

A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit

Accepted Answer

A)  depends on the grade the student earns on the exam. 
B)  is greater than the student's marginal cost. 
C)  is the benefit the student receives from studying the extra hour. 
D)  is the benefit the student receives from studying all 3 hours. 
A)  depends on the grade the student earns on the exam. 
B)  is greater than the student's marginal cost. 
C)  is the benefit the student receives from studying the extra hour. 
D)  is the benefit the student receives from studying all 3 hours.

Question 9

When a firm decides to produce computers using robots instead of people, it is answering the
Question.

Accepted Answer

A)  "scarcity" 
B)  "why" 
C)  "what" 
D)  "how" 
A)  "scarcity" 
B)  "why" 
C)  "what" 
D)  "how"

Question 10

The value of the y- coordinate of a point in a graph is the length of a line from the point to the

Accepted Answer

A)  x- axis. 
B)  scalar. 
C)  y- axis. 
D)  origin. 
A)  x- axis. 
B)  scalar. 
C)  y- axis. 
D)  origin.

Question 11

Scarcity is

Accepted Answer

A)  when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her pocket. 
B)  our inability to satisfy all our wants. 
C)  an economic problem only for poor people. 
D)  a situation that exists during economic recessions but not during economic booms. 
A)  when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her pocket. 
B)  our inability to satisfy all our wants. 
C)  an economic problem only for poor people. 
D)  a situation that exists during economic recessions but not during economic booms.

Question 12

Which of the following is a macroeconomic topic?

Accepted Answer

A)  the reasons for the rise in average prices 
B)  whether the army should buy more tanks or more rockets 
C)  the reasons for a rise in the price of orange juice 
D)  why plumbers earn more than janitors 
A)  the reasons for the rise in average prices 
B)  whether the army should buy more tanks or more rockets 
C)  the reasons for a rise in the price of orange juice 
D)  why plumbers earn more than janitors

Question 13

If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by

Accepted Answer

A)  an increase in the value of variable y. 
B)  variable y reaching its maximum value. 
C)  a decrease in the value of variable y. 
D)  no change in the value of variable y. 
A)  an increase in the value of variable y. 
B)  variable y reaching its maximum value. 
C)  a decrease in the value of variable y. 
D)  no change in the value of variable y.

Question 14

-What does the slope of the line shown in the above figure equal?

Accepted Answer

The slope equals the change in

Question 15

-Graph the data in the table above in the figure. Label the axes.
a) Is the relationship between X and Y positive or negative?
b) What is the slope when X = 4?
c) What is the slope when X = 8?

Accepted Answer

@#IMG-DLM& The figure labels the axes an

Question 16

Which of the following is a positive statement?

Accepted Answer

A)  State lotteries are good methods to use for raising revenues. 
B)  An increase in gas prices leads people to carpool more. 
C)  Increased prison sentences are the best way to reduce the crime rate. 
D)  Inflation is a more serious problem than is deflation. 
A)  State lotteries are good methods to use for raising revenues. 
B)  An increase in gas prices leads people to carpool more. 
C)  Increased prison sentences are the best way to reduce the crime rate. 
D)  Inflation is a more serious problem than is deflation.

Question 17

Which of the following is a positive statement?

Accepted Answer

A)  Low rents are good because they make apartments more affordable. 
B)  Low rents decrease the amount of housing landlords make available for rent. 
C)  Owners of apartment buildings ought to be free to charge whatever rent they want. 
D)  Housing costs too much. 
A)  Low rents are good because they make apartments more affordable. 
B)  Low rents decrease the amount of housing landlords make available for rent. 
C)  Owners of apartment buildings ought to be free to charge whatever rent they want. 
D)  Housing costs too much.

Question 18

The study of economics

Accepted Answer

A)  recognizes that scarcity does not affect rich nations. 
B)  focuses mainly on individual consumers. 
C)  arises from the fact that our wants exceed available resources. 
D)  deals mainly with microeconomics. 
A)  recognizes that scarcity does not affect rich nations. 
B)  focuses mainly on individual consumers. 
C)  arises from the fact that our wants exceed available resources. 
D)  deals mainly with microeconomics.

Question 19

Explain what entrepreneurship is and why it is considered a factor of production.

Accepted Answer

Entrepreneurship is the resource (the pe

Question 20

You have data for the amount of rainfall in 50 cities for the month of June. The type of graph to best display these data would be a

Accepted Answer

A)  scatter diagram. 
B)  cross- section graph. 
C)  time- series graph. 
D)  multi- variable time- series graph. 
A)  scatter diagram. 
B)  cross- section graph. 
C)  time- series graph. 
D)  multi- variable time- series graph.

The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the _ question.

-In the above figure, the axis breaks are used

An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer.

An autoworker is an example of _ and earns .

"It is impossible to represent a three variable relationship in a two- dimensional graph." Is this statement true or false? Explain your answer.

The slope of a straight line increases as the numbers on the x- axis become larger.

"As the price of gasoline increases, fewer people buy cars that are gas guzzlers." A graph showing this relationship would have

A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit

When a firm decides to produce computers using robots instead of people, it is answering the Question.

The value of the y- coordinate of a point in a graph is the length of a line from the point to the

Scarcity is

Which of the following is a macroeconomic topic?

If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by

-What does the slope of the line shown in the above figure equal?

-Graph the data in the table above in the figure. Label the axes. a) Is the relationship between X and Y positive or negative? b) What is the slope when X = 4? c) What is the slope when X = 8?

Which of the following is a positive statement?

Which of the following is a positive statement?

The study of economics

Explain what entrepreneurship is and why it is considered a factor of production.

You have data for the amount of rainfall in 50 cities for the month of June. The type of graph to best display these data would be a

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

The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the _ question.

-In the above figure, the axis breaks are used

An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer.

An autoworker is an example of _ and earns .

"It is impossible to represent a three variable relationship in a two- dimensional graph." Is this statement true or false? Explain your answer.

The slope of a straight line increases as the numbers on the x- axis become larger.

"As the price of gasoline increases, fewer people buy cars that are gas guzzlers." A graph showing this relationship would have

A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit

When a firm decides to produce computers using robots instead of people, it is answering the Question.

The value of the y- coordinate of a point in a graph is the length of a line from the point to the

Scarcity is

Which of the following is a macroeconomic topic?

If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by

-What does the slope of the line shown in the above figure equal?

-Graph the data in the table above in the figure. Label the axes. a) Is the relationship between X and Y positive or negative? b) What is the slope when X = 4? c) What is the slope when X = 8?

Which of the following is a positive statement?

Which of the following is a positive statement?

The study of economics

Explain what entrepreneurship is and why it is considered a factor of production.

You have data for the amount of rainfall in 50 cities for the month of June. The type of graph to best display these data would be a

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