Question 1

The faster an automobile is driven (speed),the lower the miles per gallon (mpg) for that automobile.Given this information,we say that an automobile's speed and mpg have

Accepted Answer

A)  a direct relationship. 
B)  an inverse relationship. 
C)  a linear relationship. 
D)  a maximum relationship. 
A)  a direct relationship. 
B)  an inverse relationship. 
C)  a linear relationship. 
D)  a maximum relationship.

Question 2

Suppose you are working four nights per week at your courses and your grade point average is 3.5.You want a higher grade and decide to study an extra night each week.Your GPA now rises to 3.8.What is your marginal benefit from studying for one additional night a week?

Accepted Answer

Marginal benefit is the benefit that ari

Question 3

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

Accepted Answer

A)  y/x. 
B)  x/y. 
C)  (change in y)/ (change in x). 
D)  (change in x)/ (change in y). 
A)  y/x. 
B)  x/y. 
C)  (change in y)/ (change in x). 
D)  (change in x)/ (change in y).

Question 4

-As a curve approaches a maximum point,the slope will

Accepted Answer

A)  be positive, then negative after the maximum point. 
B)  be negative, then positive after the maximum point. 
C)  remain constant on either side of the maximum point. 
D)  increase before and after the maximum point. 
A)  be positive, then negative after the maximum point. 
B)  be negative, then positive after the maximum point. 
C)  remain constant on either side of the maximum point. 
D)  increase before and after the maximum point.

Question 5

What do economists mean when they discuss "scarcity"?

Accepted Answer

Scarcity occurs whenever people's wants

Question 6

-In the figure above,what can you deduce about the slope of the curve?

Accepted Answer

The slope is positiv

Question 7

In economics,normative statements are about

Accepted Answer

A)  the way things ought to be. 
B)  the way things are. 
C)  marginal benefits, not marginal costs. 
D)  marginal costs, not marginal benefits. 
A)  the way things ought to be. 
B)  the way things are. 
C)  marginal benefits, not marginal costs. 
D)  marginal costs, not marginal benefits.

Question 8

Economic models

Accepted Answer

A)  are essentially different from those used in other sciences. 
B)  always use graphs. 
C)  simplify reality. 
D)  include all relevant facts. 
A)  are essentially different from those used in other sciences. 
B)  always use graphs. 
C)  simplify reality. 
D)  include all relevant facts.

Question 9

Suppose that for a curve,as the variable measured on the x-axis increases,the variable measured on the y-axis decreases.The curve has a ________ slope.

Accepted Answer

A)  tangent 
B)  positive 
C)  negative 
D)  hypothetical 
A)  tangent 
B)  positive 
C)  negative 
D)  hypothetical

Question 10

Macroeconomics is the study of aggregate variables such as national production and unemployment.

Accepted Answer

A) True 
 B)False

Question 11

-In the above figure,the curve has a slope that is ________.

Accepted Answer

A)  positive and becoming larger in magnitude 
B)  positive and becoming smaller in magnitude 
C)  negative and becoming larger in magnitude 
D)  negative and becoming smaller in magnitude 
A)  positive and becoming larger in magnitude 
B)  positive and becoming smaller in magnitude 
C)  negative and becoming larger in magnitude 
D)  negative and becoming smaller in magnitude

Question 12

$$\begin{array} { | c | c | } 
\hline x & y \
\hline 0 & 0 \
\hline 2 & 6 \
\hline 4 & 12 \
\hline 6 & 18 \
\hline 8 & 24 \
\hline 10 & 30 \
\hline
\end{array}$$
-In the above table,when x increases from 4 units to 6 units,y changes by ________ units.

Accepted Answer

A)  2 
B)  -2 
C)  6 
D)  -6 
A)  2 
B)  -2 
C)  6 
D)  -6

Question 13

A cross-section graph can show how economic variables for different groups of people vary over time.

Accepted Answer

A) True 
 B)False

Question 14

A graph cannot be used to show that two variables are unrelated.

Accepted Answer

A) True 
 B)False

Question 15

$$\begin{array} { | c | c | c | } 
\hline \text { Point } & X & Y \
\hline \mathrm { a } & 100 & 50 \
\hline \mathrm { b } & 200 & 75 \
\hline \mathrm { c } & 300 & 100 \
\hline \mathrm { d } & 400 & 100 \
\hline \mathrm { e } & 500 & 75 \
\hline \mathrm { f } & 600 & 50 \
\hline
\end{array}$$
-In the table above,Y is measured along the y-axis and X along the x-axis.The slope between points e and f is

Accepted Answer

A)  -25. 
B)  4. 
C)  0.25. 
D)  -0.25. 
A)  -25. 
B)  4. 
C)  0.25. 
D)  -0.25.

Question 16

When Ben Bernanke,Chairman of the Federal Reserve,addresses Congress regarding the United States role in the world economy,he is discussing

Accepted Answer

A)  a macroeconomic topic. 
B)  a microeconomic topic. 
C)  scarcity. 
D)  incentives. 
A)  a macroeconomic topic. 
B)  a microeconomic topic. 
C)  scarcity. 
D)  incentives.

Question 17

-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. 
A)  is positive. 
B)  is negative. 
C)  starts by being positive and then becomes negative. 
D)  starts by being negative and then becomes positive.

Question 18

Copper falls into which factor of production category?

Accepted Answer

A)  land 
B)  labor 
C)  capital 
D)  entrepreneurship 
A)  land 
B)  labor 
C)  capital 
D)  entrepreneurship

Question 19

In evaluating a relationship between x and y,ceteris paribus means other variables

Accepted Answer

A)  are not relevant to x and y. 
B)  move in opposite directions to x and y. 
C)  are not changing while x and y change. 
D)  move in the same direction as x and y. 
A)  are not relevant to x and y. 
B)  move in opposite directions to x and y. 
C)  are not changing while x and y change. 
D)  move in the same direction as x and y.

Question 20

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

Accepted Answer

A)  0.90. 
B)  1.5. 
C)  1.11. 
D)  2. 
A)  0.90. 
B)  1.5. 
C)  1.11. 
D)  2.

The faster an automobile is driven (speed),the lower the miles per gallon (mpg) for that automobile.Given this information,we say that an automobile's speed and mpg have

Suppose you are working four nights per week at your courses and your grade point average is 3.5.You want a higher grade and decide to study an extra night each week.Your GPA now rises to 3.8.What is your marginal benefit from studying for one additional night a week?

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

-As a curve approaches a maximum point,the slope will

What do economists mean when they discuss "scarcity"?

-In the figure above,what can you deduce about the slope of the curve?

In economics,normative statements are about

Economic models

Suppose that for a curve,as the variable measured on the x-axis increases,the variable measured on the y-axis decreases.The curve has a ________ slope.

Macroeconomics is the study of aggregate variables such as national production and unemployment.

-In the above figure,the curve has a slope that is ________.

x y 0 0 2 6 4 12 6 18 8 24 10 30 -In the above table,when x increases from 4 units to 6 units,y changes by ________ units.

A cross-section graph can show how economic variables for different groups of people vary over time.

A graph cannot be used to show that two variables are unrelated.

Point X Y 100 50 200 75 300 100 400 100 500 75 600 50 -In the table above,Y is measured along the y-axis and X along the x-axis.The slope between points e and f is

When Ben Bernanke,Chairman of the Federal Reserve,addresses Congress regarding the United States role in the world economy,he is discussing

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

Copper falls into which factor of production category?

In evaluating a relationship between x and y,ceteris paribus means other variables

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

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters

Exam 1: What Is Economics

The faster an automobile is driven (speed),the lower the miles per gallon (mpg) for that automobile.Given this information,we say that an automobile's speed and mpg have

Suppose you are working four nights per week at your courses and your grade point average is 3.5.You want a higher grade and decide to study an extra night each week.Your GPA now rises to 3.8.What is your marginal benefit from studying for one additional night a week?

With y measured on the vertical axis and x measured on the horizontal axis,the slope of a straight line is defined as

-As a curve approaches a maximum point,the slope will

What do economists mean when they discuss "scarcity"?

-In the figure above,what can you deduce about the slope of the curve?

In economics,normative statements are about

Economic models

Suppose that for a curve,as the variable measured on the x-axis increases,the variable measured on the y-axis decreases.The curve has a ________ slope.

Macroeconomics is the study of aggregate variables such as national production and unemployment.

-In the above figure,the curve has a slope that is ________.

x y 0 0 2 6 4 12 6 18 8 24 10 30 -In the above table,when x increases from 4 units to 6 units,y changes by ________ units.

A cross-section graph can show how economic variables for different groups of people vary over time.

A graph cannot be used to show that two variables are unrelated.

Point X Y 100 50 200 75 300 100 400 100 500 75 600 50 -In the table above,Y is measured along the y-axis and X along the x-axis.The slope between points e and f is

When Ben Bernanke,Chairman of the Federal Reserve,addresses Congress regarding the United States role in the world economy,he is discussing

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

Copper falls into which factor of production category?

In evaluating a relationship between x and y,ceteris paribus means other variables

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

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters