Question 1

The field of economics is traditionally divided into two broad subfields,

Accepted Answer

A) national economics and international economics. 
B) consumer economics and producer economics. 
C) private sector economics and public sector economics. 
D) microeconomics and macroeconomics. 
A) national economics and international economics. 
B) consumer economics and producer economics. 
C) private sector economics and public sector economics. 
D) microeconomics and macroeconomics.

Question 2

When economists are trying to explain the world,they are

Accepted Answer

A) scientists. 
B) policy advisers. 
C) in the realm of microeconomics rather than macroeconomics. 
D) in the realm of normative economics rather than positive economics. 
A) scientists. 
B) policy advisers. 
C) in the realm of microeconomics rather than macroeconomics. 
D) in the realm of normative economics rather than positive economics.

Question 3

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

Accepted Answer

A) amount of the other good that must be given up. 
B) market price of the additional amount produced. 
C) amount of resources that must be devoted to its production. 
D) number of dollars that must be spent to produce it. 
A) amount of the other good that must be given up. 
B) market price of the additional amount produced. 
C) amount of resources that must be devoted to its production. 
D) number of dollars that must be spent to produce it.

Question 4

Which of these terms are used interchangeably?

Accepted Answer

A) "goods and services" and "inputs" 
B) "goods and services" and "factors of production" 
C) "inputs" and "factors of production" 
D) "land, labor and capital" and "goods and services" 
A) "goods and services" and "inputs" 
B) "goods and services" and "factors of production" 
C) "inputs" and "factors of production" 
D) "land, labor and capital" and "goods and services"

Question 5

The Council of Economic Advisers has

Accepted Answer

A) three members and a staff of economists. 
B) five members and a staff of economists. 
C) seven members and a staff of economists. 
D) nine members and no staff of economists. 
A) three members and a staff of economists. 
B) five members and a staff of economists. 
C) seven members and a staff of economists. 
D) nine members and no staff of economists.

Question 6

All scientific models,including economic models,simplify reality in order to improve our understanding of it.

Accepted Answer

A) True 
 B)False

Question 7

The Council of Economic Advisors

Accepted Answer

A) was created in 1913 and consists of three members and a staff of several dozen economists. 
B) was created in 1913 and consists of three members and a staff of six economists. 
C) was created in 1946 and consists of three members and a staff of several dozen economists. 
D) was created in 1946 and consists of several dozen members and a staff of several hundred economists. 
A) was created in 1913 and consists of three members and a staff of several dozen economists. 
B) was created in 1913 and consists of three members and a staff of six economists. 
C) was created in 1946 and consists of three members and a staff of several dozen economists. 
D) was created in 1946 and consists of several dozen members and a staff of several hundred economists.

Exam 2: Thinking Like an Economist

The field of economics is traditionally divided into two broad subfields,

When economists are trying to explain the world,they are

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

Which of these terms are used interchangeably?

The Council of Economic Advisers has

All scientific models,including economic models,simplify reality in order to improve our understanding of it.

The Council of Economic Advisors

Ten Principles of Economics

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Applications

Supply, demand, and Government Policies

Consumers, producers, and the Efficiency of Markets

Application: 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

Oligopoly

Monopolistic Competition

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers of Microeconomics

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, investment, and the Financial System

The Basic Tools of Finance

Unemployment

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 Trade Off Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

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