Question 1

A graph of the value of one variable against the value of another variable is known as a

Accepted Answer

A) two-dimensional graph. 
B) three-dimensional graph. 
C) time-series graph. 
D) scatter diagram. 
E) two-variable graph. 
A) two-dimensional graph. 
B) three-dimensional graph. 
C) time-series graph. 
D) scatter diagram. 
E) two-variable graph.

Question 2

A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course.The professor has

Accepted Answer

A) increased the marginal cost of cheating. 
B) decreased the marginal benefit of cheating. 
C) made all the students act in the social interest. 
D) recognized that students don't respond to incentives. 
E) recognized that students don't make rational choices. 
A) increased the marginal cost of cheating. 
B) decreased the marginal benefit of cheating. 
C) made all the students act in the social interest. 
D) recognized that students don't respond to incentives. 
E) recognized that students don't make rational choices.

Question 3

Ceteris paribus when graphing a relationship refers to

Accepted Answer

A) letting all the variables change at once. 
B) changing the origin of the graph. 
C) holding constant all but two variables. 
D) rescaling the coordinates. 
E) swapping the axes so that the x-axis is the vertical axis and the y-axis is the horizontal axis. 
A) letting all the variables change at once. 
B) changing the origin of the graph. 
C) holding constant all but two variables. 
D) rescaling the coordinates. 
E) swapping the axes so that the x-axis is the vertical axis and the y-axis is the horizontal axis.

Question 4

The characteristic from which all economic problems arise is

Accepted Answer

A) political decisions. 
B) providing a minimal standard of living for every person. 
C) how to make a profit. 
D) hunger. 
E) scarcity. 
A) political decisions. 
B) providing a minimal standard of living for every person. 
C) how to make a profit. 
D) hunger. 
E) scarcity.

Question 5

Suppose you eat two hamburgers for lunch.The marginal benefit of the first burger is ________ of the second burger.

Accepted Answer

A) larger than the marginal benefit 
B) smaller than the marginal benefit 
C) equal to the marginal benefit 
D) not related to the marginal benefit 
E) equal to the marginal cost and the marginal benefit 
A) larger than the marginal benefit 
B) smaller than the marginal benefit 
C) equal to the marginal benefit 
D) not related to the marginal benefit 
E) equal to the marginal cost and the marginal benefit

Question 6

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

Accepted Answer

A) a decrease in marginal benefit to attend the review session. 
B) an increase in marginal cost to attend the review session. 
C) a rational choice. 
D) an incentive to attend the review session. 
E) None of the above answers are correct. 
A) a decrease in marginal benefit to attend the review session. 
B) an increase in marginal cost to attend the review session. 
C) a rational choice. 
D) an incentive to attend the review session. 
E) None of the above answers are correct.

Question 7

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

Accepted Answer

A) are making a choice on the margin. 
B) limit the cost and the benefits you can gain. 
C) are not making a rational choice. 
D) do not face an opportunity cost. 
E) must have made a choice in the social interest. 
A) are making a choice on the margin. 
B) limit the cost and the benefits you can gain. 
C) are not making a rational choice. 
D) do not face an opportunity cost. 
E) must have made a choice in the social interest.

Question 8

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

Accepted Answer

The statement is false because it is pos

Question 9

A choice made by comparing all relevant alternatives systematically and incrementally is

Accepted Answer

A) an opportunity cost. 
B) a choice on the margin. 
C) a benefit. 
D) a sunk cost. 
E) a choice made in the social interest. 
A) an opportunity cost. 
B) a choice on the margin. 
C) a benefit. 
D) a sunk cost. 
E) a choice made in the social interest.

Question 10

-The slope of the curve at point B

Accepted Answer

A) is greater than the slope at point A. 
B) is less than the slope at point A. 
C) is equal to the slope at point A. 
D) cannot be compared with the slope at point A. 
E) can be compared with the slope at point A, but more information is needed to determine if the slope is greater than, less than, or equal to the slope at point A. 
A) is greater than the slope at point A. 
B) is less than the slope at point A. 
C) is equal to the slope at point A. 
D) cannot be compared with the slope at point A. 
E) can be compared with the slope at point A, but more information is needed to determine if the slope is greater than, less than, or equal to the slope at point A.

Question 11

-In the figure above, the relationship between the x variable and the y variable

Accepted Answer

A) is positive. 
B) is negative. 
C) starts by being positive and then becomes negative. 
D) starts by being negative and then becomes positive. 
E) is non-existent because the two variables are unrelated. 
A) is positive. 
B) is negative. 
C) starts by being positive and then becomes negative. 
D) starts by being negative and then becomes positive. 
E) is non-existent because the two variables are unrelated.

Question 12

Congress and the President passed a national health care policy.This is an example of

Accepted Answer

A) the government using economic tools to make policy decisions. 
B) answering the "how" question. 
C) increasing the marginal cost of health care. 
D) increasing the marginal benefit of health care. 
E) normative versus positive economics. 
A) the government using economic tools to make policy decisions. 
B) answering the "how" question. 
C) increasing the marginal cost of health care. 
D) increasing the marginal benefit of health care. 
E) normative versus positive economics.

Question 13

-The slope of the line shown in the above figure is

Accepted Answer

A) -1/3. 
B) -5. 
C) -1. 
D) -3. 
E) -10. 
A) -1/3. 
B) -5. 
C) -1. 
D) -3. 
E) -10.

Question 14

If the change in y = 10 and the change in x = 3, there is

Accepted Answer

A) a positive relationship between y and x. 
B) a negative relationship between y and x. 
C) an independent relationship between y and x. 
D) no relationship between y and x. 
E) a +0.33 relationship between the two variables. 
A) a positive relationship between y and x. 
B) a negative relationship between y and x. 
C) an independent relationship between y and x. 
D) no relationship between y and x. 
E) a +0.33 relationship between the two variables.

Question 15

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

Accepted Answer

A) what 
B) how 
C) for whom 
D) where 
E) why 
A) what 
B) how 
C) for whom 
D) where 
E) why

Question 16

Which type of graph is most useful in determining if two variables are correlated?

Accepted Answer

A) time-series 
B) scatter diagram 
C) cross-section 
D) variable-correlation figure 
E) None of the above answers is correct. 
A) time-series 
B) scatter diagram 
C) cross-section 
D) variable-correlation figure 
E) None of the above answers is correct.

Question 17

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

Accepted Answer

A) cross-section graph. 
B) time-series graph. 
C) scatter diagram. 
D) Venn diagram. 
E) None of the above answers is correct. 
A) cross-section graph. 
B) time-series graph. 
C) scatter diagram. 
D) Venn diagram. 
E) None of the above answers is correct.

A graph of the value of one variable against the value of another variable is known as a

A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course.The professor has

Ceteris paribus when graphing a relationship refers to

The characteristic from which all economic problems arise is

Suppose you eat two hamburgers for lunch.The marginal benefit of the first burger is ________ of the second burger.

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

A choice made by comparing all relevant alternatives systematically and incrementally is

-The slope of the curve at point B

-In the figure above, the relationship between the x variable and the y variable

Congress and the President passed a national health care policy.This is an example of

-The slope of the line shown in the above figure is

If the change in y = 10 and the change in x = 3, there is

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

Which type of graph is most useful in determining if two variables are correlated?

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 1: Getting Started

A graph of the value of one variable against the value of another variable is known as a

A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course.The professor has

Ceteris paribus when graphing a relationship refers to

The characteristic from which all economic problems arise is

Suppose you eat two hamburgers for lunch.The marginal benefit of the first burger is ________ of the second burger.

Your economics professor offers 10 points extra credit if you attend a review session before your next exam.This extra credit is an example of

In making your decision whether to take a trip during Spring Break, you compare all the other activities you could undertake.As a result, you

"It is impossible to represent a three variable relationship in a two-dimensional graph." Is this statement true or false? Explain your answer.

A choice made by comparing all relevant alternatives systematically and incrementally is

-The slope of the curve at point B

-In the figure above, the relationship between the x variable and the y variable

Congress and the President passed a national health care policy.This is an example of

-The slope of the line shown in the above figure is

If the change in y = 10 and the change in x = 3, there is

The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question.

Which type of graph is most useful in determining if two variables are correlated?

-A graph showing the values of an economic variable for different groups in a population at a point in time is called a

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters