Exam 2: Thinking Like an Economist

Economists at which of the following offices help formulate spending plans and regulatory policies?

The x-coordinate of an ordered pair specifies the

Which of these statements about economic models is correct?

Economic models

Which of the following is not correct?

Figure 2-5 -Refer to Figure 2-5. It is possible for this economy to produce

Who would be more likely to study the inflation rate in the United States, a macroeconomist or a microeconomist?

When economists make

The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and the available production technology.

The y-coordinate of an ordered pair specifies the

Another term for factors of production is

Figure 2-7 -Refer to Figure 2-7. Unemployment could cause this economy to produce at which point(s)?

Which two groups of decision makers are included in the simple circular-flow diagram?

When studying the effects of public policy changes, economists

Economists face an obstacle that many other scientists do not face. What is that obstacle?

Figure 2-3 -Refer to Figure 2-3. What do the ovals represent in the figure?

The simple circular-flow diagram is a model that includes only some key players in the real economy. Which of the following key players are omitted from the simple circular-flow model?

Figure 2-1 -Refer to Figure 2-1. Harvey receives his first paycheck for working as an ice cream vendor. To which of the arrows does this transaction directly contribute?

Figure 2-10 Panel (a) Panel (b) -Refer to Figure 2-10, Panel (a). The movement from point W to point Y could be caused by

Which of the following would likely be studied by a microeconomist rather than a macroeconomist?