Exam 2: Thinking Like an Economist.

Another term for factors of production is

Figure 2-9 -Refer to Figure 2-9,Panel (a).In order to gain 2 printers by moving from point C to point D,society must sacrifice

Economists speaking like policy advisers make

When studying the effects of changes in public policy,economists believe that

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

The President counts among his economic advisors the Congressional Budget Office.

You know an economist has crossed the line from policy adviser to scientist when he or she

The goal of an economist who formulates new theories is to

Table 2-5 -Refer to Table 2-5.Table 2-5 shows one set of production possibilities.What is the opportunity cost of increasing the production of cookies from 200 dozen to 400 dozen?

Figure 2-10 -Refer to Figure 2-10.The shift of the production possibilities frontier from A to B illustrates

The circular-flow diagram is an example of

Unemployment causes production levels to be inefficient.

The Congressional Budget Office,which is staffed by economists,provides Congress with independent evaluations of policy proposals.

Where can an economy not produce?

A relatively steep demand curve indicates that

Figure 2-14 -Refer to Figure 2-14.The movement from point B to point C could have been caused by

When two variables have a positive correlation,

The slope of a line is equal to

The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the

Normative statements are not