Exam 2: Thinking Like an Economist: Part A

Figure 2-22 -Refer to Figure 2-22.What is the slope of the line with points A,B,and C?

Figure 2-15 -Refer to Figure 2-15.Consider the production possibilities frontier for an economy that produces only sofas and cars.The opportunity cost of one car is

In the circular flow diagram,when Daphne purchases a new mobile phone,she participates in the markets for

Figure 2-14 Consider the production possibilities curve for a country that can produce sweaters,apples (in bushels),or a combination of the two. -Refer to Figure 2-14.What is the opportunity cost of moving from point R to point Q?

Figure 2-22 -Refer to Figure 2-22.What are the coordinates of point C?

Figure 2-14 Consider the production possibilities curve for a country that can produce sweaters,apples (in bushels),or a combination of the two. -Refer to Figure 2-14.The bowed outward shape of the production possibilities curve indicates that opportunity cost of apples in terms of sweaters is

Figure 2-22 -Refer to Figure 2-22.What is the x-coordinate of point R?

Figure 2-3 -Refer to Figure 2-3.What are two elements not included in this figure that could be included in a more complex model?

Is the following a positive or normative statement? The United States government should mandate that every citizen purchases health insurance.

Economists at which administrative department help formulate spending plans and regulatory policies?

Suppose a war in the Middle East interrupts the flow of crude oil and oil prices skyrocket around the world.For economists,this historical episode serves as a

Who would be more likely to study the effects of government spending on the unemployment rate,a macroeconomist or a microeconomist?

Figure 2-3 -Refer to Figure 2-3.What do the rectangles represent in the figure?

In the markets for goods and services in the circular flow diagram,households act as

Figure 2-22 -Refer to Figure 2-22.Is a move from point A to point R considered a shift of the curve or a movement along the curve?

Like biologists and physicists,economists use the dispassionate development and testing of how the world works known as the