Question 1

Joy is training to become a chef.The skills she is obtaining from her training and education will increase Joy's ________.

Accepted Answer

A)  human capital 
B)  physical capital 
C)  entrepreneurship 
D)  None of the above answers are correct. 
A)  human capital 
B)  physical capital 
C)  entrepreneurship 
D)  None of the above answers are correct.

Question 2

-In the figure above,the value on the x-axis increases as we move from

Accepted Answer

A)  point G to point A. 
B)  point C to point A. 
C)  point F to point A. 
D)  point E to point A. 
A)  point G to point A. 
B)  point C to point A. 
C)  point F to point A. 
D)  point E to point A.

Question 3

-In the above figure,using the slope across an arc,the slope of the curve between points b and c is

Accepted Answer

A)  1/3. 
B)  -1/3. 
C)  3. 
D)  -3. 
A)  1/3. 
B)  -1/3. 
C)  3. 
D)  -3.

Question 4

Scarcity can be eliminated through

Accepted Answer

A)  the use of market mechanisms. 
B)  exploration that helps us find new resources. 
C)  wise use of our resources. 
D)  None of the above because scarcity cannot be eliminated. 
A)  the use of market mechanisms. 
B)  exploration that helps us find new resources. 
C)  wise use of our resources. 
D)  None of the above because scarcity cannot be eliminated.

Question 5

As the number of days without rain increases,the amount of wheat per acre grown declines.A graph showing this relationship would have a curve

Accepted Answer

A)  that is a horizontal line. 
B)  that is a vertical line. 
C)  showing a positive relationship. 
D)  None of the above answers are correct. 
A)  that is a horizontal line. 
B)  that is a vertical line. 
C)  showing a positive relationship. 
D)  None of the above answers are correct.

Question 6

A graph has a point that is either a maximum or a minimum.To the left of the point,the slope of relationship is positive.To the right of the point,the slope is negative.Is the point a maximum point or a minimum point?
Be sure to draw a figure that supports your answer.

Accepted Answer

@#IMG-DLM&
 The point is a maximum point.Examine t

Question 7

Positive and normative statements differ in that

Accepted Answer

A)  positive statements can be tested, whereas normative statements cannot. 
B)  normative statements can be tested, whereas positive statements cannot. 
C)  normative statements depict "what is" and positive statements depict "what ought to be." 
D)  normative statements never use the word "should." 
A)  positive statements can be tested, whereas normative statements cannot. 
B)  normative statements can be tested, whereas positive statements cannot. 
C)  normative statements depict "what is" and positive statements depict "what ought to be." 
D)  normative statements never use the word "should."

Question 8

-In the figure above,suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply.If the price of pecans increases

Accepted Answer

A)  the curve will shift rightward. 
B)  the curve will shift leftward. 
C)  there is a movement along the curve. 
D)  the curve will be unaffected. 
A)  the curve will shift rightward. 
B)  the curve will shift leftward. 
C)  there is a movement along the curve. 
D)  the curve will be unaffected.

Question 9

Which of the following is a normative statement?

Accepted Answer

A)  The United States has a comparative advantage compared to the European Union in the production of wheat. 
B)  The main reason why the United States has a trade deficit with China is because China's trade practices are unfair. 
C)  Both these statements are normative. 
D)  Neither of these statements is normative. 
A)  The United States has a comparative advantage compared to the European Union in the production of wheat. 
B)  The main reason why the United States has a trade deficit with China is because China's trade practices are unfair. 
C)  Both these statements are normative. 
D)  Neither of these statements is normative.

Question 10

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts.If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2,peanut farmers are willing to sell

Accepted Answer

A)  no peanuts. 
B)  1000 pounds of peanuts. 
C)  2000 pounds of peanuts. 
D)  4000 pounds of peanuts. 
A)  no peanuts. 
B)  1000 pounds of peanuts. 
C)  2000 pounds of peanuts. 
D)  4000 pounds of peanuts.

Question 11

-In the above figure,if the interest rate is negatively related to household expenditures for any given level of household income,an increase in the interest rate will

Accepted Answer

A)  shift the line vertically upward. 
B)  shift the line vertically downward. 
C)  make the line negatively sloped. 
D)  cause no change in the line's position. 
A)  shift the line vertically upward. 
B)  shift the line vertically downward. 
C)  make the line negatively sloped. 
D)  cause no change in the line's position.

Question 12

A normative statement is

Accepted Answer

A)  about what ought to be. 
B)  about what is. 
C)  always true. 
D)  one that is based on an economic experiment. 
A)  about what ought to be. 
B)  about what is. 
C)  always true. 
D)  one that is based on an economic experiment.

Question 13

-In the above figure,the slope across the arc between points a and b equals

Accepted Answer

A)  5. 
B)  4. 
C)  2. 
D)  1. 
A)  5. 
B)  4. 
C)  2. 
D)  1.

Question 14

If the slope of the relationship between savings and interest rates is 0.5,then

Accepted Answer

A)  savings and interest rates have a positive relationship. 
B)  savings and interest rates have a negative relationship. 
C)  savings and interest rates have no relationship. 
D)  savings and interest rates have an inverse relationship. 
A)  savings and interest rates have a positive relationship. 
B)  savings and interest rates have a negative relationship. 
C)  savings and interest rates have no relationship. 
D)  savings and interest rates have an inverse relationship.

Question 15

-The slope of the line in the above figure is

Accepted Answer

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

Question 16

Keeping in mind economists' definition of factors of production,which of the following is NOT a factor of production?

Accepted Answer

A)  money 
B)  low-skilled labor 
C)  coal 
D)  an engineer 
A)  money 
B)  low-skilled labor 
C)  coal 
D)  an engineer

Question 17

On Saturday morning,you rank your choices for activities in the following order: go to the library,work out at the gym,have breakfast with friends,and sleep late.Suppose you decide to go to the library.Your opportunity cost is

Accepted Answer

A)  working out at the gym, having breakfast with friends, and sleeping late. 
B)  working out at the gym. 
C)  zero because you do not have to pay money to use the library. 
D)  not clear because not enough information is given. 
A)  working out at the gym, having breakfast with friends, and sleeping late. 
B)  working out at the gym. 
C)  zero because you do not have to pay money to use the library. 
D)  not clear because not enough information is given.

Question 18

$$\begin{array} { | c | c | } 
\hline x & y \
\hline 0 & 4 \
\hline 1 & 5 \
\hline 2 & 8 \
\hline 3 & 13 \
\hline 4 & 20 \
\hline
\end{array}$$
-The slope of a straight line is

Accepted Answer

A)  variable. 
B)  increasing. 
C)  decreasing. 
D)  constant. 
A)  variable. 
B)  increasing. 
C)  decreasing. 
D)  constant.

Question 19

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

Accepted Answer

A)  -1 1/3. 
B)  -1 2/3. 
C)  -1.25. 
D)  -0.80. 
A)  -1 1/3. 
B)  -1 2/3. 
C)  -1.25. 
D)  -0.80.

Question 20

Most income in the United States is earned by business owners as profit.

Accepted Answer

A) True 
 B)False

Joy is training to become a chef.The skills she is obtaining from her training and education will increase Joy's ________.

-In the figure above,the value on the x-axis increases as we move from

-In the above figure,using the slope across an arc,the slope of the curve between points b and c is

Scarcity can be eliminated through

As the number of days without rain increases,the amount of wheat per acre grown declines.A graph showing this relationship would have a curve

A graph has a point that is either a maximum or a minimum.To the left of the point,the slope of relationship is positive.To the right of the point,the slope is negative.Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.

Positive and normative statements differ in that

-In the figure above,suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply.If the price of pecans increases

Which of the following is a normative statement?

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts.If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2,peanut farmers are willing to sell

-In the above figure,if the interest rate is negatively related to household expenditures for any given level of household income,an increase in the interest rate will

A normative statement is

-In the above figure,the slope across the arc between points a and b equals

If the slope of the relationship between savings and interest rates is 0.5,then

-The slope of the line in the above figure is

Keeping in mind economists' definition of factors of production,which of the following is NOT a factor of production?

On Saturday morning,you rank your choices for activities in the following order: go to the library,work out at the gym,have breakfast with friends,and sleep late.Suppose you decide to go to the library.Your opportunity cost is

x y 0 4 1 5 2 8 3 13 4 20 -The slope of a straight line is

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

Most income in the United States is earned by business owners as profit.

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

Joy is training to become a chef.The skills she is obtaining from her training and education will increase Joy's ________.

-In the figure above,the value on the x-axis increases as we move from

-In the above figure,using the slope across an arc,the slope of the curve between points b and c is

Scarcity can be eliminated through

As the number of days without rain increases,the amount of wheat per acre grown declines.A graph showing this relationship would have a curve

A graph has a point that is either a maximum or a minimum.To the left of the point,the slope of relationship is positive.To the right of the point,the slope is negative.Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.

Positive and normative statements differ in that

-In the figure above,suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply.If the price of pecans increases

Which of the following is a normative statement?

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts.If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2,peanut farmers are willing to sell

-In the above figure,if the interest rate is negatively related to household expenditures for any given level of household income,an increase in the interest rate will

A normative statement is

-In the above figure,the slope across the arc between points a and b equals

If the slope of the relationship between savings and interest rates is 0.5,then

-The slope of the line in the above figure is

Keeping in mind economists' definition of factors of production,which of the following is NOT a factor of production?

On Saturday morning,you rank your choices for activities in the following order: go to the library,work out at the gym,have breakfast with friends,and sleep late.Suppose you decide to go to the library.Your opportunity cost is

x y 0 4 1 5 2 8 3 13 4 20 -The slope of a straight line is

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

Most income in the United States is earned by business owners as profit.

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