A) are people who act out the behavior of firms and households so that economists can study this behavior. B) are usually detailed replications of reality. C) incorporate simplifying assumptions that often contradict reality, but also help economists better understand reality. D) are useful to researchers but not to teachers because economic models omit many details of the real-world economy. A) are people who act out the behavior of firms and households so that economists can study this behavior. B) are usually detailed replications of reality. C) incorporate simplifying assumptions that often contradict reality, but also help economists better understand reality. D) are useful to researchers but not to teachers because economic models omit many details of the real-world economy.

Exam 2: Thinking Like an Economist

Table 2-6 -Refer to Table 2-6. Consider the production possibilities table for an economy that produces only mobile phones and pizzas. What is the opportunity cost of increasing production of pizzas from 4,000 to 6,000?

(Short Answer)

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Question 561

Economic models

(Multiple Choice)

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Question 562

Since 1946, the president of the United States has received guidance from the Council of Economic Advisers.

(True/False)

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Question 563

Figure 2-9 Panel (a) Panel (b) -Refer to Figure 2-9, Panel (a). To gain 2 donuts by moving from point L to point M, society must sacrifice

(Multiple Choice)

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Question 564

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?

(Multiple Choice)

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Question 565

Figure 2-9 Panel (a) Panel (b) -Refer to Figure 2-9, Panel (a) and Panel (b). A shift of the economy's production possibilities frontier from Panel (a) to Panel (b) could be caused by

(Multiple Choice)

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Question 566

Positive statements are not

(Multiple Choice)

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Question 567

Which of the following areas of study typifies microeconomics as opposed to macroeconomics?

(Multiple Choice)

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Question 568

Table 2-5 -Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of corn and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology?

(Multiple Choice)

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Question 569

Figure 2-10 Panel (a) Panel (b) -Refer to Figure 2-10, Panel (a). The opportunity cost of one sofa is highest when the economy produces

(Multiple Choice)

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Question 570

Who would be more likely to study the effects of rent control on housing in New York City, a macroeconomist or a microeconomist?

(Short Answer)

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Question 571

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

(Multiple Choice)

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Question 572

Production possibilities frontiers are usually bowed outward. This is because

(Multiple Choice)

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Question 573

Is the following a positive or normative statement? The federal minimum wage is lower than many state minimum wages.

(Short Answer)

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Question 574

When a variable that is named on an axis of a graph changes, the curve shifts.

(True/False)

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Question 575

The effects of foreign competition on the U.S. textile industry would be studied by a microeconomist rather than a macroeconomist.

(True/False)

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Question 576

Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 50,000 textiles and 1300 computers. This year it produced 45,000 textiles and 1100 computers. Given no further information, which of the following events could explain this change?

(Multiple Choice)

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Question 577

The outer loop of the circular-flow diagram represents the flows of dollars in the economy. Which of the following does not appear on the outer loop?

(Multiple Choice)

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Question 578

Figure 2-3 -Refer to Figure 2-3. Which shape refers to the markets for goods and services?

(Multiple Choice)

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Question 579

In the markets for factors of production in the circular-flow diagram,

(Multiple Choice)

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Question 580

Showing 561 - 580 of 617

Exam 2: Thinking Like an Economist

Table 2-6 -Refer to Table 2-6. Consider the production possibilities table for an economy that produces only mobile phones and pizzas. What is the opportunity cost of increasing production of pizzas from 4,000 to 6,000?

Economic models

Since 1946, the president of the United States has received guidance from the Council of Economic Advisers.

Figure 2-9 Panel (a) Panel (b) -Refer to Figure 2-9, Panel (a). To gain 2 donuts by moving from point L to point M, society must sacrifice

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?

Figure 2-9 Panel (a) Panel (b) -Refer to Figure 2-9, Panel (a) and Panel (b). A shift of the economy's production possibilities frontier from Panel (a) to Panel (b) could be caused by

Positive statements are not

Which of the following areas of study typifies microeconomics as opposed to macroeconomics?

Table 2-5 -Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of corn and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology?

Figure 2-10 Panel (a) Panel (b) -Refer to Figure 2-10, Panel (a). The opportunity cost of one sofa is highest when the economy produces

Who would be more likely to study the effects of rent control on housing in New York City, a macroeconomist or a microeconomist?

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

Production possibilities frontiers are usually bowed outward. This is because

Is the following a positive or normative statement? The federal minimum wage is lower than many state minimum wages.

When a variable that is named on an axis of a graph changes, the curve shifts.

The effects of foreign competition on the U.S. textile industry would be studied by a microeconomist rather than a macroeconomist.

Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 50,000 textiles and 1300 computers. This year it produced 45,000 textiles and 1100 computers. Given no further information, which of the following events could explain this change?

The outer loop of the circular-flow diagram represents the flows of dollars in the economy. Which of the following does not appear on the outer loop?

Figure 2-3 -Refer to Figure 2-3. Which shape refers to the markets for goods and services?

In the markets for factors of production in the circular-flow diagram,

Ten Principles of Economics

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers of Microeconomics

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