Question 1

Economic models do all of the following except

Accepted Answer

A)  answer economic questions. 
B)  portray reality in all its minute details. 
C)  make economic ideas explicit and concrete for use by decision makers. 
D)  simplify some aspect of economic life. 
A)  answer economic questions. 
B)  portray reality in all its minute details. 
C)  make economic ideas explicit and concrete for use by decision makers. 
D)  simplify some aspect of economic life.

Question 2

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

Accepted Answer

A)  The omitted variable 
B)  The positive-to-negative relationship 
C)  Reverse causality 
D)  Nonlinear slope 
A)  The omitted variable 
B)  The positive-to-negative relationship 
C)  Reverse causality 
D)  Nonlinear slope

Question 3

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Accepted Answer

A) True 
 B)False

Question 4

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

Accepted Answer

A)  How to produce goods that consumers want? 
B)  Why produce a variety of automobiles? 
C)  What to produce? 
D)  Who to produce automobiles for? 
A)  How to produce goods that consumers want? 
B)  Why produce a variety of automobiles? 
C)  What to produce? 
D)  Who to produce automobiles for?

Question 5

In economics,the accumulated skills and training that workers have is known as

Accepted Answer

A)  human capital. 
B)  entrepreneurship. 
C)  physical capital. 
D)  innovation. 
A)  human capital. 
B)  entrepreneurship. 
C)  physical capital. 
D)  innovation.

Economic models do all of the following except

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

In economics,the accumulated skills and training that workers have is known as

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency,government Price Setting,and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 1: Economics: Foundations and Models

Economic models do all of the following except

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

A college must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

Automobile manufacturers produce a range of automobiles such as sports utility vehicles,luxury sedans,pickup trucks and compact cars.What fundamental economic question are they addressing by making this range of products?

In economics,the accumulated skills and training that workers have is known as

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency,government Price Setting,and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters