Exam 2: Thinking Like an Economist

The point where both x and y are zero is known as the

The ordered pair that represents the origin on a graph is

Which of the following is not true about most economic models?

The amount by which firms' sales revenue exceeds their payments to factors of production is called

It is possible for an economy to increase its production of computers and,at the same time,to increase its production of cars if the economy

Figure 2-3 -Refer to Figure 2-3.Efficient production is represented by which point or points?

Economic growth causes a production possibilities frontier to shift outward.

In addition to advising the president,one duty of the Council of Economic Advisors is to

The extent of the tradeoff between the production of one good and the production of another good can change because of technological advances over time.

Since natural experiments offered by history cannot be used in economics,carefully constructed laboratory experiments must be used.

Which of the following terms are most closely associated with the study of economics?

Figure 2-11 -Refer to Figure 2-11.Points A,B,and D represent feasible or attainable outcomes for society.

Figure 2-3 -Refer to Figure 2-3.At which point or points can the economy not currently produce?

For an economist,the idea of making assumptions is regarded generally as a

Figure 2-8 -Refer to Figure 2-8.What is the opportunity cost of moving from point A to point B?

In the circular-flow diagram,

Figure 2-10 -Refer to Figure 2-10.The movement from point B to point C is a(n)

A few years ago,Bill Belichick,the coach of the New England Patriots football team,acknowledged that he had recently read an article written by a professional economist concerning

Just like models constructed in other areas of science,economic models

In conducting their research,economists face an obstacle that not all scientists face;specifically,in economics,it is difficult to