Exam 2: Thinking Like an Economist

A statement describing how the world is

Figure 2-13 -Refer to Figure 2-13. Which of the following combinations of points are both efficient and attainable for this economy?

Which of the following is not correct?

Figure 2-16 -Refer to Figure 2-16. Cups of coffee per day and the hours that someone can go without sleep appear to have

In the ordered pair (5, 3), 3 is the

Figure 2-6 -Refer to Figure 2-6. A movement from point H to point K could be caused by

Figure 2-9 Panel (a) Panel (b) -Refer to Figure 2-9, Panel (a) and Panel (b). Which of the following is not a result of the shift of the economy's production possibilities frontier from Panel (a) to Panel (b)?

The second number in any ordered pair is

Factors of production are

Normative statements are not

Who said, "The whole of science is nothing more than the refinement of everyday thinking"?

The duties of the Council of Economic Advisers are to advise the president of the United States and to determine U.S. monetary policy.

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

"Minimum wage laws result in unemployment" is a normative statement, while "the minimum wage should be higher" is a positive statement.

For economists, statements about the world are of two types:

Figure 2-22 -Refer to Figure 2-22. Given that price is measured on the vertical axis, quantity is measured on the horizontal axis, and that the curves are downward-sloping, what type of curves are depicted here?

Economists build economic models by

You know an economist has crossed the line from policy adviser to scientist when he or she

An economy's production of two goods is efficient if

Figure 2-2 -Refer to Figure 2-2. If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram, then