Question 1

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.If firms produce more when price rises,B must be

Accepted Answer

A)  positive 
B)  negative 
C)  0 
A)  positive 
B)  negative 
C)  0

Question 2

If Y = X2 + Z2,the contour lines

Accepted Answer

A)  are concentric circles. 
B)  are parabolas. 
C)  are hyperbolas. 
D)  intersect whenever either X or Z is zero. 
A)  are concentric circles. 
B)  are parabolas. 
C)  are hyperbolas. 
D)  intersect whenever either X or Z is zero.

Question 3

Normative economic analysis

Accepted Answer

A)  involves the study of what comprises a normal firm. 
B)  involves how resources are actually used in an economy. 
C)  involves judgments on how resources should be used in an economy. 
D)  is usually thought to be a waste of time. 
A)  involves the study of what comprises a normal firm. 
B)  involves how resources are actually used in an economy. 
C)  involves judgments on how resources should be used in an economy. 
D)  is usually thought to be a waste of time.

Question 4

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.If consumers demand less as price rises,C must be

Accepted Answer

A)  positive 
B)  negative 
C)  0 
A)  positive 
B)  negative 
C)  0

Question 5

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.Equilibrium price is given by

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 6

The slope of a nonlinear function at some particular point

Accepted Answer

A)  is the slope of the straight line that is tangent to the function at that point. 
B)  is the slope of the straight line connecting the origin and the point. 
C)  cannot be determined. 
D)  is constant for the entire function. 
A)  is the slope of the straight line that is tangent to the function at that point. 
B)  is the slope of the straight line connecting the origin and the point. 
C)  cannot be determined. 
D)  is constant for the entire function.

Question 7

The Y-intercept of Y = 3X + 8 is

Accepted Answer

A)  3/8. 
B)  3. 
C)  8. 
D)  −8/3. 
A)  3/8. 
B)  3. 
C)  8. 
D)  −8/3.

Question 8

For the equation   the point X = 20,Z = 5

Accepted Answer

A)  yields a value of Y = 10. 
B)  lies below the contour line that includes the point X = 15, Z = 7. 
C)  lies on the same contour line as the point X = 12, Z = 6. 
D)  Both a and b. 
A)  yields a value of Y = 10. 
B)  lies below the contour line that includes the point X = 15, Z = 7. 
C)  lies on the same contour line as the point X = 12, Z = 6. 
D)  Both a and b.

Question 9

Suppose a production possibilities frontier can be expressed as   .The opportunity cost of going from 2 units of   to 3 unit of   is approximately

Accepted Answer

A)  .17 
B)  .59 
C)  2.24 
D)  3 
A)  .17 
B)  .59 
C)  2.24 
D)  3

Question 10

For the function   ,the equation   represents

Accepted Answer

A)  the X-intercept. 
B)  the Y-intercept. 
C)  a contour line. 
D)  a tangent line. 
A)  the X-intercept. 
B)  the Y-intercept. 
C)  a contour line. 
D)  a tangent line.

Question 11

Suppose a production possibilities frontier can be expressed as 9X2 + Y2 = 81 what is the opportunity cost of going from 2 units of X to 3 units of X (in terms of units of Y)?

Accepted Answer

A)    
B)    
C)  1 
D)  0 
A)    
B)    
C)  1 
D)  0

Question 12

If the slope of a linear function changes with no change in the Y-intercept

Accepted Answer

A)  the graph shifts either up or down. 
B)  the graph remains unchanged. 
C)  the graph rotates about its X-intercept. 
D)  the graph rotates about its Y-intercept. 
A)  the graph shifts either up or down. 
B)  the graph remains unchanged. 
C)  the graph rotates about its X-intercept. 
D)  the graph rotates about its Y-intercept.

Question 13

Suppose a production possibilities frontier can be expressed as   .The opportunity cost of going from 1 units of   to 2 unit of   is approximately

Accepted Answer

A)  .17 
B)  .59 
C)  2.24 
D)  3 
A)  .17 
B)  .59 
C)  2.24 
D)  3

Question 14

Suppose   and   .The equilibrium price is

Accepted Answer

A)  7 
B)  8 
C)  9 
D)  10 
A)  7 
B)  8 
C)  9 
D)  10

Question 15

Suppose T = .02$\alpha$.If taxes are regressive which of the following is true?

Accepted Answer

A) $\alpha$ > 1 B) 0 < $\alpha$< 1 C) $\alpha$ = 1 D) $\alpha$ = 0 A) $\alpha$ > 1 B) 0 < $\alpha$< 1 C) $\alpha$ = 1 D) $\alpha$ = 0

Question 16

Economists typically use ____ analysis,whereas clergy members typically use ____ analysis.

Accepted Answer

A)  positive; positive 
B)  normative; normative 
C)  positive; normative 
D)  normative; positive 
A)  positive; positive 
B)  normative; normative 
C)  positive; normative 
D)  normative; positive

Question 17

The underlying reason early economists believed a (short-run)supply curve would be upward sloping is because of

Accepted Answer

A)  decreasing average costs 
B)  increasing average cost 
C)  decreasing marginal costs 
D)  increasing marginal costs 
A)  decreasing average costs 
B)  increasing average cost 
C)  decreasing marginal costs 
D)  increasing marginal costs

Question 18

Suppose T = .02$\alpha$.If taxes are proportional which of the following is true?

Accepted Answer

A) $\alpha$> 1 B) 0 < $\alpha$ < 1 C) $\alpha$ = 1 D) $\alpha$= 0 A) $\alpha$> 1 B) 0 < $\alpha$ < 1 C) $\alpha$ = 1 D) $\alpha$= 0

Question 19

If the production possibilities frontier can be expressed as 4X2 + Y2 = 16 then the point X = 1; Y = 4 is

Accepted Answer

A)  outside the production possibilities frontier 
B)  on the production possibilities frontier 
C)  inside the production possibilities frontier 
D)  in the wrong quadrant to be on the graph 
A)  outside the production possibilities frontier 
B)  on the production possibilities frontier 
C)  inside the production possibilities frontier 
D)  in the wrong quadrant to be on the graph

Question 20

A major problem that may occur with models that predict the values of economic variables in the future is that

Accepted Answer

A)  researchers are pessimistic about the future. 
B)  the model may fail to acknowledge that economic actors will change their behavior in response to changing situations. 
C)  the model may make predictions that conflict with widely held opinions. 
D)  no one cares about these predictions. 
A)  researchers are pessimistic about the future. 
B)  the model may fail to acknowledge that economic actors will change their behavior in response to changing situations. 
C)  the model may make predictions that conflict with widely held opinions. 
D)  no one cares about these predictions.

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.If firms produce more when price rises,B must be

If Y = X² + Z²,the contour lines

Normative economic analysis

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.If consumers demand less as price rises,C must be

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.Equilibrium price is given by

The slope of a nonlinear function at some particular point

The Y-intercept of Y = 3X + 8 is

For the equation the point X = 20,Z = 5

Suppose a production possibilities frontier can be expressed as .The opportunity cost of going from 2 units of to 3 unit of is approximately

For the function ,the equation represents

Suppose a production possibilities frontier can be expressed as 9X² + Y² = 81 what is the opportunity cost of going from 2 units of X to 3 units of X (in terms of units of Y)?

If the slope of a linear function changes with no change in the Y-intercept

Suppose a production possibilities frontier can be expressed as .The opportunity cost of going from 1 units of to 2 unit of is approximately

Suppose and .The equilibrium price is

Suppose T = .02^$\alpha$.If taxes are regressive which of the following is true?

Economists typically use analysis,whereas clergy members typically use analysis.

The underlying reason early economists believed a (short-run)supply curve would be upward sloping is because of

Suppose T = .02^$\alpha$.If taxes are proportional which of the following is true?

If the production possibilities frontier can be expressed as 4X² + Y² = 16 then the point X = 1; Y = 4 is

A major problem that may occur with models that predict the values of economic variables in the future is that

Utility and Choice

Individual Demand Curves

Uncertainty

Game Theory

Production

Costs

Profit Maximization and Supply

Perfect Competition in a Single Market

General Equilibrium and Welfare

Monopoly

Imperfect Competition

Pricing in Input Markets

Capital and Time

Asymmetric Information

Externalities and Public Goods

Behavioral Economics

Filters

Exam 1: Economic Models

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.If firms produce more when price rises,B must be

If Y = X2 + Z2,the contour lines

Normative economic analysis

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.If consumers demand less as price rises,C must be

Suppose you can write generic supply and demand curves such that QS = A + BP and QD = D + CP.Equilibrium price is given by

The slope of a nonlinear function at some particular point

The Y-intercept of Y = 3X + 8 is

For the equation the point X = 20,Z = 5

Suppose a production possibilities frontier can be expressed as .The opportunity cost of going from 2 units of to 3 unit of is approximately

For the function ,the equation represents

Suppose a production possibilities frontier can be expressed as 9X2 + Y2 = 81 what is the opportunity cost of going from 2 units of X to 3 units of X (in terms of units of Y)?

If the slope of a linear function changes with no change in the Y-intercept

Suppose a production possibilities frontier can be expressed as .The opportunity cost of going from 1 units of to 2 unit of is approximately

Suppose and .The equilibrium price is

Suppose T = .02 α\alphaα .If taxes are regressive which of the following is true?

Economists typically use ____ analysis,whereas clergy members typically use ____ analysis.

The underlying reason early economists believed a (short-run)supply curve would be upward sloping is because of

Suppose T = .02 α\alphaα .If taxes are proportional which of the following is true?

If the production possibilities frontier can be expressed as 4X2 + Y2 = 16 then the point X = 1; Y = 4 is

A major problem that may occur with models that predict the values of economic variables in the future is that

Utility and Choice

Individual Demand Curves

Uncertainty

Game Theory

Production

Costs

Profit Maximization and Supply

Perfect Competition in a Single Market

General Equilibrium and Welfare

Monopoly

Imperfect Competition

Pricing in Input Markets

Capital and Time

Asymmetric Information

Externalities and Public Goods

Behavioral Economics

Filters

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.If firms produce more when price rises,B must be

If Y = X² + Z²,the contour lines

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.If consumers demand less as price rises,C must be

Suppose you can write generic supply and demand curves such that Q_S = A + BP and Q_D = D + CP.Equilibrium price is given by

Suppose a production possibilities frontier can be expressed as 9X² + Y² = 81 what is the opportunity cost of going from 2 units of X to 3 units of X (in terms of units of Y)?

Suppose T = .02^$\alpha$.If taxes are regressive which of the following is true?

Economists typically use analysis,whereas clergy members typically use analysis.

Suppose T = .02^$\alpha$.If taxes are proportional which of the following is true?

If the production possibilities frontier can be expressed as 4X² + Y² = 16 then the point X = 1; Y = 4 is