Exam 2: Thinking Like an Economist

When economists make normative statements, they are

In the circular flow diagram, who owns the factors of production and consumes all of the goods and services produced?

Which of the following is the best explanation for why President Harry Truman once said that he wanted to find a one-armed economist?

Figure 2-5 -Refer to Figure 2-5. Efficient production is represented by which point(s)?

According to the circular-flow diagram, if Denny is the owner of a landscaping business and he just received $50 for mowing Mrs. Pendleton's lawn,

Two variables that have a positive correlation move in the same direction.

The essence of science is

Congress relies on economists at the Congressional Budget Office to

Factors of production are

If a line passes through the points (20,5) and (10,10), then the slope of the line is -2.

Figure 2-18 Relationship between Price and Restaurant Meals -Refer to Figure 2-18. In the ordered pair (8, 24)

In the simple circular-flow diagram, the participants in the economy are

With respect to how economists study the economy, which of the following statements is most accurate?

The art in scientific thinking is

The Council of Economic Advisers consists of thirty members and a staff of several dozen economists.

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

Economists at which administrative department help formulate spending plans and regulatory policies?

Figure 2-5 -Refer to Figure 2-5. The opportunity cost of obtaining 20 additional dryers by moving from point D to point A is

In the ordered pair (3, 6), 3 is the

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is