Question 1

The study of economics

Accepted Answer

A)  focuses mainly on individual consumers. 
B)  arises from the fact that our wants exceed available resources. 
C)  recognizes that scarcity does not affect rich nations. 
D)  deals mainly with microeconomics. 
A)  focuses mainly on individual consumers. 
B)  arises from the fact that our wants exceed available resources. 
C)  recognizes that scarcity does not affect rich nations. 
D)  deals mainly with microeconomics.

Question 2

$$\begin{array} { | c | c | } 
\hline \text { Quantity } & \text { Price } \
\hline 0 & 50 \
\hline 8 & 40 \
\hline 16 & 30 \
\hline 24 & 20 \
\hline 32 & 10 \
\hline 36 & 5 \
\hline
\end{array}$$
-Using the data in the above table,

Accepted Answer

A)  the variables quantity and price are positively related. 
B)  the variables quantity and price are negatively related. 
C)  the variables quantity and price are neither positively nor negatively related. 
D)  an increase in price is likely to cause an increase in quantity. 
A)  the variables quantity and price are positively related. 
B)  the variables quantity and price are negatively related. 
C)  the variables quantity and price are neither positively nor negatively related. 
D)  an increase in price is likely to cause an increase in quantity.

Question 3

Which of the following is NOT a factor of production?

Accepted Answer

A)  vans used by a bakery company for deliveries 
B)  a person developing a production schedule for a new product 
C)  175 shares of Microsoft stock 
D)  wilderness areas that have yet to be developed 
A)  vans used by a bakery company for deliveries 
B)  a person developing a production schedule for a new product 
C)  175 shares of Microsoft stock 
D)  wilderness areas that have yet to be developed

Question 4

-If there is a direct relationship between two variables,

Accepted Answer

A)  the graph of the relationship will be upward-sloping. 
B)  the graph of the relationship will be downward-sloping. 
C)  the slope of the line (or the slope of a tangent line to the curve) will be negative. 
D)  Both answers A and C are correct. 
A)  the graph of the relationship will be upward-sloping. 
B)  the graph of the relationship will be downward-sloping. 
C)  the slope of the line (or the slope of a tangent line to the curve) will be negative. 
D)  Both answers A and C are correct.

Question 5

What is the difference between a positive and a negative relationship?

Accepted Answer

Two variables are positively related whe

Question 6

-The figure above shows ________ relationship between the two variables.

Accepted Answer

A)  a positive 
B)  a negative 
C)  no 
D)  an inverse 
A)  a positive 
B)  a negative 
C)  no 
D)  an inverse

Question 7

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither?
Explain your answer.

Accepted Answer

The figure shows that there is a negativ

Question 8

Which of the following is NOT a factor of production?

Accepted Answer

A)  the water used to cool a nuclear power plant. 
B)  the effort of farmers raising cattle. 
C)  the wages paid to workers. 
D)  the management skill of a small business owner. 
A)  the water used to cool a nuclear power plant. 
B)  the effort of farmers raising cattle. 
C)  the wages paid to workers. 
D)  the management skill of a small business owner.

Question 9

-In the above figure,x is

Accepted Answer

A)  positively related to y and negatively related to z. 
B)  positively related to both y and z. 
C)  negatively related to y and positively related to z. 
D)  negatively related to both y and z. 
A)  positively related to y and negatively related to z. 
B)  positively related to both y and z. 
C)  negatively related to y and positively related to z. 
D)  negatively related to both y and z.

Question 10

Which of the following is a positive statement?

Accepted Answer

A)  The government must lower the price of a pizza so that more students can afford to buy it. 
B)  The best level of taxation is zero percent because then people get to keep everything they earn. 
C)  My economics class should last for two terms because it is my favorite class. 
D)  An increase in tuition means fewer students will apply to college. 
A)  The government must lower the price of a pizza so that more students can afford to buy it. 
B)  The best level of taxation is zero percent because then people get to keep everything they earn. 
C)  My economics class should last for two terms because it is my favorite class. 
D)  An increase in tuition means fewer students will apply to college.

Question 11

-In the figure above,point B is ________.

Accepted Answer

A)  on the x-axis 
B)  on the y-axis 
C)  at the origin 
D)  a coordinate 
A)  on the x-axis 
B)  on the y-axis 
C)  at the origin 
D)  a coordinate

Question 12

-In the above figure,the slope across the arc between c and d is

Accepted Answer

A)  1/2. 
B)  1. 
C)  4/3. 
D)  2. 
A)  1/2. 
B)  1. 
C)  4/3. 
D)  2.

Question 13

$$\begin{array} { | c | c | } 
\hline x & y \
\hline 0 & 0 \
\hline 2 & 6 \
\hline 4 & 12 \
\hline 6 & 18 \
\hline 8 & 24 \
\hline 10 & 30 \
\hline
\end{array}$$
-In the table above,y is measured along the y-axis and x along the x-axis.The slope of the relationship between x = 0 and x = 2 is

Accepted Answer

A)  -6. 
B)  2. 
C)  3. 
D)  6. 
A)  -6. 
B)  2. 
C)  3. 
D)  6.

Question 14

On the horizontal axis of a graph,generally

Accepted Answer

A)  values increase from left to right. 
B)  values increase from right to left. 
C)  values can be positive and/or negative. 
D)  Both answers A and C are correct. 
A)  values increase from left to right. 
B)  values increase from right to left. 
C)  values can be positive and/or negative. 
D)  Both answers A and C are correct.

Question 15

When an economy produces more houses and fewer typewriters,it is answering the ________ part of one of the two big economic questions.

Accepted Answer

A)  "what" 
B)  "how" 
C)  "where" 
D)  "for whom" 
A)  "what" 
B)  "how" 
C)  "where" 
D)  "for whom"

Question 16

The statement "Unemployment should be below 6 percent" is

Accepted Answer

A)  a positive statement. 
B)  a normative statement. 
C)  a prediction. 
D)  an assumption. 
A)  a positive statement. 
B)  a normative statement. 
C)  a prediction. 
D)  an assumption.

Question 17

The largest part of what the United States produces today is ________ such as ________.

Accepted Answer

A)  goods; food and electronic equipment 
B)  goods; education and entertainment 
C)  services; trade and health care 
D)  services; textbooks and computers 
A)  goods; food and electronic equipment 
B)  goods; education and entertainment 
C)  services; trade and health care 
D)  services; textbooks and computers

Question 18

$$\begin{array} { | c | c | } 
\hline \begin{array} { c } 
x \text {-variable } \
\text { (on the horizontal } \
\text { axis) }
\end{array} & \begin{array} { c } 
y \text {-variable } \
\text { (on the vertical axis) }
\end{array} \
\hline 10 & 28 \
\hline 15 & 31 \
\hline 20 & 34 \
\hline
\end{array}$$
-The above table shows data on two variables.If these data were graphed,the slope of the line would be

Accepted Answer

A)  3/5. 
B)  3. 
C)  5/3. 
D)  impossible to determine from the information given. 
A)  3/5. 
B)  3. 
C)  5/3. 
D)  impossible to determine from the information given.

Question 19

The graph of two variables,x and y,is a horizontal line.This result indicates that x and y are

Accepted Answer

A)  positively related. 
B)  negatively related. 
C)  not related. 
D)  falsely related. 
A)  positively related. 
B)  negatively related. 
C)  not related. 
D)  falsely related.

Question 20

-A curve is plotted with y measured on the vertical axis and x measured on the horizontal axis.The slope of the curve equals

Accepted Answer

A)  y divided by x. 
B)  the change in y divided by x. 
C)  the change in y divided by the change in x. 
D)  y divided by the change in x. 
A)  y divided by x. 
B)  the change in y divided by x. 
C)  the change in y divided by the change in x. 
D)  y divided by the change in x.

The study of economics

Quantity Price 0 50 8 40 16 30 24 20 32 10 36 5 -Using the data in the above table,

Which of the following is NOT a factor of production?

-If there is a direct relationship between two variables,

What is the difference between a positive and a negative relationship?

-The figure above shows ________ relationship between the two variables.

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

Which of the following is NOT a factor of production?

-In the above figure,x is

Which of the following is a positive statement?

-In the figure above,point B is ________.

-In the above figure,the slope across the arc between c and d is

x y 0 0 2 6 4 12 6 18 8 24 10 30 -In the table above,y is measured along the y-axis and x along the x-axis.The slope of the relationship between x = 0 and x = 2 is

On the horizontal axis of a graph,generally

When an economy produces more houses and fewer typewriters,it is answering the ________ part of one of the two big economic questions.

The statement "Unemployment should be below 6 percent" is

The largest part of what the United States produces today is such as .

x -variable (on the horizontal axis) y -variable (on the vertical axis) 10 28 15 31 20 34 -The above table shows data on two variables.If these data were graphed,the slope of the line would be

The graph of two variables,x and y,is a horizontal line.This result indicates that x and y are

-A curve is plotted with y measured on the vertical axis and x measured on the horizontal axis.The slope of the curve equals

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 study of economics

Quantity Price 0 50 8 40 16 30 24 20 32 10 36 5 -Using the data in the above table,

Which of the following is NOT a factor of production?

-If there is a direct relationship between two variables,

What is the difference between a positive and a negative relationship?

-The figure above shows ________ relationship between the two variables.

-The figure above shows how the relationship between the number of hours per week a high school student spends on the web and the student's SAT score.Is the relationship between hours on the web and the SAT score positive,negative,neither? Explain your answer.

Which of the following is NOT a factor of production?

-In the above figure,x is

Which of the following is a positive statement?

-In the figure above,point B is ________.

-In the above figure,the slope across the arc between c and d is

x y 0 0 2 6 4 12 6 18 8 24 10 30 -In the table above,y is measured along the y-axis and x along the x-axis.The slope of the relationship between x = 0 and x = 2 is

On the horizontal axis of a graph,generally

When an economy produces more houses and fewer typewriters,it is answering the ________ part of one of the two big economic questions.

The statement "Unemployment should be below 6 percent" is

The largest part of what the United States produces today is ________ such as ________.

x -variable (on the horizontal axis) y -variable (on the vertical axis) 10 28 15 31 20 34 -The above table shows data on two variables.If these data were graphed,the slope of the line would be

The graph of two variables,x and y,is a horizontal line.This result indicates that x and y are

-A curve is plotted with y measured on the vertical axis and x measured on the horizontal axis.The slope of the curve equals

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

The largest part of what the United States produces today is such as .