Question 1

Figure 2-10
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-Refer to Figure 2-10. If this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses.

Accepted Answer

A) True 
 B)False

Question 2

Assumptions can simplify the complex world and make it easier to understand.

Accepted Answer

A) True 
 B)False

Question 3

Figure 2-12
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-Refer to Figure 2-12. What do the ovals represent in the figure?

Accepted Answer

Market for Goods and

Question 4

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

Accepted Answer

A) The effect of a national healthcare program on the nation's unemployment rate 
B) The impact of minimum-wage laws on employment in the fast food industry 
C) A comparison of alternative tax policies and their respective impacts on the rate of the nation's economic growth 
D) The effect of a war on government spending 
A) The effect of a national healthcare program on the nation's unemployment rate 
B) The impact of minimum-wage laws on employment in the fast food industry 
C) A comparison of alternative tax policies and their respective impacts on the rate of the nation's economic growth 
D) The effect of a war on government spending

Question 5

Figure 2-12
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-Refer to Figure 2-12. What do the inner arrows represent in the figure?

Accepted Answer

flow of in

Question 6

Figure 2-11
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-Refer to Figure 2-11. It is possible for this economy to produce 1000 shoes.

Accepted Answer

A) True 
 B)False

Question 7

Historical episodes are not valuable to economists.

Accepted Answer

A) True 
 B)False

Question 8

Figure 2-10
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-Refer to Figure 2-10. This economy fully employs its resources when it produces 35 dishwashers and zero doghouses.

Accepted Answer

A) True 
 B)False

Question 9

Macroeconomics is the study of economy-wide phenomena.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?

Accepted Answer

A) A construction company rents trucks for its business. 
B) A farmer hires a teenager to help with harvest. 
C) Anthony receives a salary for his work as an analyst for an investment firm. 
D) A woman buys corn for dinner. 
A) A construction company rents trucks for its business. 
B) A farmer hires a teenager to help with harvest. 
C) Anthony receives a salary for his work as an analyst for an investment firm. 
D) A woman buys corn for dinner.

Question 11

Figure 2-15
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-Refer to Figure 2-15. Is a move from point A to point B considered a shift of the curve or a movement along the curve?

Accepted Answer

movement a

Question 12

In the ordered pair (10,30), 10 is the y-coordinate and 30 is the z-coordinate.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is an example of a capital input?

Accepted Answer

A) Buildings and machines used in the production process 
B) Stocks and bonds 
C) An hour of a worker's time 
D) The money households use to purchase firms' output 
A) Buildings and machines used in the production process 
B) Stocks and bonds 
C) An hour of a worker's time 
D) The money households use to purchase firms' output

Question 14

Economic models omit many details to allow us to see what is truly important.

Accepted Answer

A) True 
 B)False

Question 15

Economists at the Department of Justice

Accepted Answer

A) track the behavior of the nation's money supply. 
B) advise Congress on economic matters. 
C) help enforce the nation's antitrust laws. 
D) prepare the federal budget. 
A) track the behavior of the nation's money supply. 
B) advise Congress on economic matters. 
C) help enforce the nation's antitrust laws. 
D) prepare the federal budget.

Question 16

The opportunity cost of something is what you give up to get it.

Accepted Answer

A) True 
 B)False

Question 17

Using the outline below, draw a circular-flow diagram representing the interactions between households and firms in a simple economy. Explain briefly the various parts of the diagram.
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Accepted Answer

@#IMG-DLM& ​
This diagram should duplicate the ess

Question 18

In the circular-flow diagram, in the markets for

Accepted Answer

A) goods and services, households and firms are both buyers. 
B) the factors of production, households are sellers and firms are buyers. 
C) goods and services, households are sellers and firms are buyers. 
D) the factors of production, households and firms are both buyers. 
A) goods and services, households and firms are both buyers. 
B) the factors of production, households are sellers and firms are buyers. 
C) goods and services, households are sellers and firms are buyers. 
D) the factors of production, households and firms are both buyers.

Question 19

Figure 2-14
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-Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one sofa is

Accepted Answer

The answer of Figure 2-14
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-Refer to Figure...

Question 20

Figure 2-1
  
-Refer to Figure 2-1. Which arrow represents the flow of spending by households?

Accepted Answer

A) B 
B) A 
C) C 
D) D 
A) B 
B) A 
C) C 
D) D

Exam 2: Thinking Like an Economist

Figure 2-10 ​ ​ ​ ​ ​ -Refer to Figure 2-10. If this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses.

Assumptions can simplify the complex world and make it easier to understand.

Figure 2-12 ​ ​ ​ ​ ​ ​ -Refer to Figure 2-12. What do the ovals represent in the figure?

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

Figure 2-12 ​ ​ ​ ​ ​ ​ -Refer to Figure 2-12. What do the inner arrows represent in the figure?

Figure 2-11 ​ -Refer to Figure 2-11. It is possible for this economy to produce 1000 shoes.

Historical episodes are not valuable to economists.

Figure 2-10 ​ ​ ​ ​ ​ -Refer to Figure 2-10. This economy fully employs its resources when it produces 35 dishwashers and zero doghouses.

Macroeconomics is the study of economy-wide phenomena.

Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?

Figure 2-15 ​ ​ -Refer to Figure 2-15. Is a move from point A to point B considered a shift of the curve or a movement along the curve?

In the ordered pair (10,30), 10 is the y-coordinate and 30 is the z-coordinate.

Which of the following is an example of a capital input?

Economic models omit many details to allow us to see what is truly important.

Economists at the Department of Justice

The opportunity cost of something is what you give up to get it.

Using the outline below, draw a circular-flow diagram representing the interactions between households and firms in a simple economy. Explain briefly the various parts of the diagram. ​ ​ ​

In the circular-flow diagram, in the markets for

Figure 2-14 ​ ​ -Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one sofa is

Figure 2-1 -Refer to Figure 2-1. Which arrow represents the flow of spending by households?

Ten Principles of Economics

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Applications: The Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers in Microeconomics

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Tools of Finance

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters

Figure 2-10 -Refer to Figure 2-10. If this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses.

Figure 2-12 -Refer to Figure 2-12. What do the ovals represent in the figure?

Figure 2-12 -Refer to Figure 2-12. What do the inner arrows represent in the figure?

Figure 2-11 -Refer to Figure 2-11. It is possible for this economy to produce 1000 shoes.

Figure 2-10 -Refer to Figure 2-10. This economy fully employs its resources when it produces 35 dishwashers and zero doghouses.

Figure 2-15 -Refer to Figure 2-15. Is a move from point A to point B considered a shift of the curve or a movement along the curve?

Using the outline below, draw a circular-flow diagram representing the interactions between households and firms in a simple economy. Explain briefly the various parts of the diagram.

Figure 2-14 -Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one sofa is