Question 1

The slope of a positive relationship is

Accepted Answer

A)  positive. 
B)  positive to the right of the maximum point and negative to the left. 
C)  constant as long as the relationship is nonlinear. 
D)  undefined. 
A)  positive. 
B)  positive to the right of the maximum point and negative to the left. 
C)  constant as long as the relationship is nonlinear. 
D)  undefined.

Question 2

Which of the following statements is correct?

Accepted Answer

A)  The United States produces an equal amount of goods and services. 
B)  The United States produces more goods than services. 
C)  The United States produces more services than goods. 
D)  The percentage of people producing goods in the United States has steadily increased over the last 60 years. 
A)  The United States produces an equal amount of goods and services. 
B)  The United States produces more goods than services. 
C)  The United States produces more services than goods. 
D)  The percentage of people producing goods in the United States has steadily increased over the last 60 years.

Question 3

-The slope of the line in the above figure is

Accepted Answer

A)  - 4. 
B)  1.0. 
C)  - 1.0. 
D)  - 2.5. 
A)  - 4. 
B)  1.0. 
C)  - 1.0. 
D)  - 2.5.

Question 4

"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant.

Accepted Answer

A) True 
 B)False

Question 5

-The slope of the line in the above figure is

Accepted Answer

A)  independent. 
B)  negative. 
C)  positive. 
D)  direct. 
A)  independent. 
B)  negative. 
C)  positive. 
D)  direct.

Question 6

"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 the definition of

Accepted Answer

A)  slope. 
B)  a curve. 
C)  a graph. 
D)  a relation. 
A)  slope. 
B)  a curve. 
C)  a graph. 
D)  a relation.

Question 7

Suppose we are considering the relationship between two variables y and x. y is measured on the y- axis and x is measured on the x- axis, and the relationship between then is a line. Suppose that the slope of the line is greater than 1. This slope means that

Accepted Answer

A)  a change in x is associated with an equal change in y. 
B)  a change in x is associated with a smaller change in y. 
C)  a change in x is associated with no change in y. 
D)  a change in x is associated with a bigger change in y. 
A)  a change in x is associated with an equal change in y. 
B)  a change in x is associated with a smaller change in y. 
C)  a change in x is associated with no change in y. 
D)  a change in x is associated with a bigger change in y.

Question 8

Which of the following is correct about a time- series graph?
I. The x- axis measures time.
II. A time- series graph can reveal if there is a trend in the variable.

Accepted Answer

A)  only I 
B)  only II 
C)  both I and II 
D)  neither I nor II 
A)  only I 
B)  only II 
C)  both I and II 
D)  neither I nor II

Question 9

Entrepreneurs do all of the following EXCEPT

Accepted Answer

A)  come up with new ideas about what and how to produce. 
B)  organize labor, land, and capital. 
C)  bear risk from business decisions. 
D)  own all the other resources used in the production process. 
A)  come up with new ideas about what and how to produce. 
B)  organize labor, land, and capital. 
C)  bear risk from business decisions. 
D)  own all the other resources used in the production process.

Question 10

What is the relationship between wants, factors of production, scarcity, and choices? Discuss the relationship for an individual and for a society.

Accepted Answer

A person faces scarcity whenever his or

Question 11

When a farmer decides to grow sugar cane instead of radishes, the farmer is answering the
Question.

Accepted Answer

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

Question 12

A positive statement

Accepted Answer

A)  is a statement of what is. 
B)  is an affirming statement that is strongly worded. 
C)  cannot be tested by checking it against the facts. 
D)  is a statement of what ought to be. 
A)  is a statement of what is. 
B)  is an affirming statement that is strongly worded. 
C)  cannot be tested by checking it against the facts. 
D)  is a statement of what ought to be.

Question 13

A cross- section graph examines

Accepted Answer

A)  one variable at a point in time. 
B)  two time- series over time. 
C)  one variable over time. 
D)  two variables over time. 
A)  one variable at a point in time. 
B)  two time- series over time. 
C)  one variable over time. 
D)  two variables over time.

Question 14

The change in y = - 20, and the change in x = - 4. Thus there is

Accepted Answer

A)  no relationship between y and x. 
B)  a negative relationship between y and x. 
C)  an independent relationship between y and x. 
D)  a positive relationship between y and x. 
A)  no relationship between y and x. 
B)  a negative relationship between y and x. 
C)  an independent relationship between y and x. 
D)  a positive relationship between y and x.

Question 15

-In the above figure, how does the slope of the line between x = 4 and x = 5 compare with the slope between x = 2 and x = 3?

Accepted Answer

A)  The slope is greater between x = 2 and x = 3. 
B)  The slope is the same. 
C)  The slope is not comparable. 
D)  The slope is greater between x = 4 and x = 5. 
A)  The slope is greater between x = 2 and x = 3. 
B)  The slope is the same. 
C)  The slope is not comparable. 
D)  The slope is greater between x = 4 and x = 5.

Question 16

Which factor of production earns most income in the United States?

Accepted Answer

A)  entrepreneurship 
B)  labor 
C)  capital 
D)  money 
A)  entrepreneurship 
B)  labor 
C)  capital 
D)  money

Question 17

In economics, the term "land" means

Accepted Answer

A)  land, mineral resources, and nature's other bounties. 
B)  land that is devoted to economic pursuits. 
C)  only land that is used in agricultural production. 
D)  land used for agricultural and urban purposes. 
A)  land, mineral resources, and nature's other bounties. 
B)  land that is devoted to economic pursuits. 
C)  only land that is used in agricultural production. 
D)  land used for agricultural and urban purposes.

Question 18

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

Accepted Answer

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

Question 19

Suppose we are considering the relationship between two variables y and x. y is measured on the y- axis and x is measured on the x- axis, and the relationship between then is a line. Suppose that the slope of the line is positive and is less than 1. This slope means that a change in x is associated with

Accepted Answer

A)  no change in y. 
B)  a smaller change in y. 
C)  a bigger change in y. 
D)  an equal change in y. 
A)  no change in y. 
B)  a smaller change in y. 
C)  a bigger change in y. 
D)  an equal change in y.

Question 20

The fundamental questions in economics result from

Accepted Answer

A)  distribution of income. 
B)  an excess of production over the wants of society. 
C)  technological progress. 
D)  scarcity of resources relative to the wants of society. 
A)  distribution of income. 
B)  an excess of production over the wants of society. 
C)  technological progress. 
D)  scarcity of resources relative to the wants of society.

The slope of a positive relationship is

Which of the following statements is correct?

-The slope of the line in the above figure is

"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant.

-The slope of the line in the above figure is

"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 the definition of

Suppose we are considering the relationship between two variables y and x. y is measured on the y- axis and x is measured on the x- axis, and the relationship between then is a line. Suppose that the slope of the line is greater than 1. This slope means that

Which of the following is correct about a time- series graph? I. The x- axis measures time. II. A time- series graph can reveal if there is a trend in the variable.

Entrepreneurs do all of the following EXCEPT

What is the relationship between wants, factors of production, scarcity, and choices? Discuss the relationship for an individual and for a society.

When a farmer decides to grow sugar cane instead of radishes, the farmer is answering the Question.

A positive statement

A cross- section graph examines

The change in y = - 20, and the change in x = - 4. Thus there is

-In the above figure, how does the slope of the line between x = 4 and x = 5 compare with the slope between x = 2 and x = 3?

Which factor of production earns most income in the United States?

In economics, the term "land" means

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

The fundamental questions in economics result from

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 slope of a positive relationship is

Which of the following statements is correct?

-The slope of the line in the above figure is

"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant.

-The slope of the line in the above figure is

"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 the definition of

Suppose we are considering the relationship between two variables y and x. y is measured on the y- axis and x is measured on the x- axis, and the relationship between then is a line. Suppose that the slope of the line is greater than 1. This slope means that

Which of the following is correct about a time- series graph? I. The x- axis measures time. II. A time- series graph can reveal if there is a trend in the variable.

Entrepreneurs do all of the following EXCEPT

What is the relationship between wants, factors of production, scarcity, and choices? Discuss the relationship for an individual and for a society.

When a farmer decides to grow sugar cane instead of radishes, the farmer is answering the Question.

A positive statement

A cross- section graph examines

The change in y = - 20, and the change in x = - 4. Thus there is

-In the above figure, how does the slope of the line between x = 4 and x = 5 compare with the slope between x = 2 and x = 3?

Which factor of production earns most income in the United States?

In economics, the term "land" means

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

The fundamental questions in economics result from

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