Exam 2: Thinking Like an Economist

When economists are trying to help improve the world,they are

An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Figure 2-6 -Refer to Figure 2-6.This economy has the ability to produce at which point(s)?

When a production possibilities frontier is bowed outward,the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Points outside the production possibilities frontier represent infeasible levels of production.

When two variables move in opposite directions,the curve relating them is

Instead of conducting laboratory experiments to generate data to test their theories,economists often

For an economist,the idea of making assumptions is regarded generally as a

Which of the following statements is correct?

Economists work both inside and outside the administrative branch of the U.S.government.

Which of the following statements about models is correct?

Which of the following is an example of a normative,as opposed to positive,statement?

Graphs such as bar graphs and pie charts are limited in that they

Figure 2-8 Panel (a)Panel (b) -Refer to Figure 2-8,Panel (a).The opportunity cost of moving from point J to point L is

If a line passes through the points (20,5)and (10,10),then the slope of the line is -2.

Figure 2-4 -Refer to Figure 2-4.This economy cannot currently produce 30 toothbrushes and 45 toasters because

Historical episodes are

The slope of a line is equal to

In the circular-flow diagram,in the markets for

Figure 2-14 -Refer to Figure 2-14.It is possible for this economy to produce 30 doghouses and 20 dishwashers.