Question 1

What is the difference between microeconomics and macroeconomics?

Accepted Answer

Microeconomics studies the decisions of

Question 2

-Graph the data in the table above in the figure. Label the axes.
a) Is the relationship between X and Y positive or negative?
b) What is the slope when X = 4?
c) What is the slope when X = 8?

Accepted Answer

@#IMG-DLM& The figure labels the axes an

Question 3

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is

Accepted Answer

A)  a horizontal line. 
B)  a vertical line. 
C)  a curve with a maximum. 
D)  a positively-sloped line. 
A)  a horizontal line. 
B)  a vertical line. 
C)  a curve with a maximum. 
D)  a positively-sloped line.

Question 4

-The slope of the line in the above figure is

Accepted Answer

A)  2/5 = 0.4. 
B)  5/2 = 2.5. 
C)  -2/5 = -0.4. 
D)  -5/2 = -2.5. 
A)  2/5 = 0.4. 
B)  5/2 = 2.5. 
C)  -2/5 = -0.4. 
D)  -5/2 = -2.5.

Question 5

-The data in the table above shows the relationship between the Joneses' total consumption and total household income. Based on these data, total consumption varies

Accepted Answer

A)  directly with their total household income. 
B)  independently of their total household income. 
C)  inversely with their total household income. 
D)  negatively with their income. 
A)  directly with their total household income. 
B)  independently of their total household income. 
C)  inversely with their total household income. 
D)  negatively with their income.

Question 6

-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 7

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 8

-In the above figure, the relationship between income and expenditures is

Accepted Answer

A)  positive. 
B)  negative. 
C)  independent. 
D)  random. 
A)  positive. 
B)  negative. 
C)  independent. 
D)  random.

Question 9

In the figure above, the value on the y-axis decreases 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 10

-The slope of the line in the above figure is

Accepted Answer

A)  -10. 
B)  10. 
C)  5. 
D)  -5. 
A)  -10. 
B)  10. 
C)  5. 
D)  -5.

Question 11

In which of the following cases is the slope of a line positive and less than infinity?

Accepted Answer

A)  As the variable measured on the x-axis decreases, the variable measured on the y-axis decreases. 
B)  As the variable measured on the x-axis increases, the variable measured on the y-axis decreases. 
C)  As the variable measured on the y-axis increases, the variable measured on the x-axis does not change. 
D)  As the variable measured on the y-axis increases, the variable measured on the x-axis decreases. 
A)  As the variable measured on the x-axis decreases, the variable measured on the y-axis decreases. 
B)  As the variable measured on the x-axis increases, the variable measured on the y-axis decreases. 
C)  As the variable measured on the y-axis increases, the variable measured on the x-axis does not change. 
D)  As the variable measured on the y-axis increases, the variable measured on the x-axis decreases.

Question 12

Economics is best defined as the study of how people, businesses, governments, and societies

Accepted Answer

A)  choose abundance over scarcity. 
B)  make choices to cope with scarcity. 
C)  use their infinite resources. 
D)  attain wealth. 
A)  choose abundance over scarcity. 
B)  make choices to cope with scarcity. 
C)  use their infinite resources. 
D)  attain wealth.

Question 13

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 14

-The relationship in the above figure indicates that

Accepted Answer

A)  a decrease in the interest rate leads to a decrease in household income. 
B)  a decrease in household consumption leads to a decrease in interest rates. 
C)  a decrease in household income will lead household consumption to increase. 
D)  none of the above. 
A)  a decrease in the interest rate leads to a decrease in household income. 
B)  a decrease in household consumption leads to a decrease in interest rates. 
C)  a decrease in household income will lead household consumption to increase. 
D)  none of the above.

Question 15

Marginal cost is the cost

Accepted Answer

A)  that your activity imposes on someone else. 
B)  that arises from an increase in an activity. 
C)  of an activity that exceeds its benefit. 
D)  that arises from the secondary effects of an activity. 
A)  that your activity imposes on someone else. 
B)  that arises from an increase in an activity. 
C)  of an activity that exceeds its benefit. 
D)  that arises from the secondary effects of an activity.

Question 16

-In the above figure, a negative relationship between price and quantity is shown in

Accepted Answer

A)  Figure A. 
B)  Figure B. 
C)  both Figure A and Figure B. 
D)  neither Figure A nor Figure B. 
A)  Figure A. 
B)  Figure B. 
C)  both Figure A and Figure B. 
D)  neither Figure A nor Figure B.

Question 17

-Using the data in the table above, with y measured on the vertical axis, the slope of the line relating y to x is

Accepted Answer

A)  1/3. 
B)  1. 
C)  3. 
D)  6. 
A)  1/3. 
B)  1. 
C)  3. 
D)  6.

Question 18

-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 19

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

Accepted Answer

A)  1/6. 
B)  12/11. 
C)  3. 
D)  4. 
A)  1/6. 
B)  12/11. 
C)  3. 
D)  4.

Question 20

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.

What is the difference between microeconomics and macroeconomics?

-Graph the data in the table above in the figure. Label the axes. a) Is the relationship between X and Y positive or negative? b) What is the slope when X = 4? c) What is the slope when X = 8?

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is

-The slope of the line in the above figure is

-The data in the table above shows the relationship between the Joneses' total consumption and total household income. Based on these data, total consumption varies

-In the above figure, x is

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

-In the above figure, the relationship between income and expenditures is

In the figure above, the value on the y-axis decreases as we move from

-The slope of the line in the above figure is

In which of the following cases is the slope of a line positive and less than infinity?

Economics is best defined as the study of how people, businesses, governments, and societies

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

-The relationship in the above figure indicates that

Marginal cost is the cost

-In the above figure, a negative relationship between price and quantity is shown in

-Using the data in the table above, with y measured on the vertical axis, the slope of the line relating y to x is

-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.

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

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

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters

Exam 1: What Is Economics

What is the difference between microeconomics and macroeconomics?

-Graph the data in the table above in the figure. Label the axes. a) Is the relationship between X and Y positive or negative? b) What is the slope when X = 4? c) What is the slope when X = 8?

A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases. The graph of these data is

-The slope of the line in the above figure is

-The data in the table above shows the relationship between the Joneses' total consumption and total household income. Based on these data, total consumption varies

-In the above figure, x is

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

-In the above figure, the relationship between income and expenditures is

In the figure above, the value on the y-axis decreases as we move from

-The slope of the line in the above figure is

In which of the following cases is the slope of a line positive and less than infinity?

Economics is best defined as the study of how people, businesses, governments, and societies

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

-The relationship in the above figure indicates that

Marginal cost is the cost

-In the above figure, a negative relationship between price and quantity is shown in

-Using the data in the table above, with y measured on the vertical axis, the slope of the line relating y to x is

-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.

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

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

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters