Exam 2: Thinking Like an Economist

Some,but not all,government economists are employed within the administrative branch of government.Which of the following government agencies employs economists outside of the administrative branch?

When economists are trying to explain the world,they are scientists,and when they are trying to help improve the world,they are policy advisers.

Production possibilities frontiers are usually bowed outward.This is because

When economists make

When two variables move in the same direction,the curve relating them is

In the simple circular-flow diagram,the participants in the economy are

Table 2-2 Production Possibilities for Batterland -Refer to Table 2-2.What is the opportunity cost to Batterland of increasing the production of pancakes from 150 to 300?

Figure 2-10 -Refer to Figure 2-10.Which of the following events would explain the shift of the production possibilities frontier from A to B?

When a relevant variable that is not named on either axis changes,

Economic models

Production is efficient if the economy is producing at a point