Exam 2: Thinking Like an Economist: The Economist As Scientist

A macroeconomist - as opposed to a microeconomist - might study the effect of

In the circular-flow diagram,which of the following items flows from households to firms through the markets for goods and services?

Figure 2-4 -Refer to Figure 2-4.At which point is this economy producing its maximum possible quantity of doors?

Figure 2-16​ -Refer to Figure 2-16.If this economy devotes all of its resources to the production of gadgets,then it will produce

Figure 2-1 -Refer to Figure 2-1.Which arrow represents the flow of spending by households?

Figure 2-5 -Refer to Figure 2-5.Efficient production is represented by which point(s)?

On a bowed production possibilities frontier,as you move down along the curve

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

Figure 2-4 -Refer to Figure 2-4.Inefficient production is represented by which point(s)?

The art in scientific thinking -- whether in chemistry,economics,or biology -- is

In the markets for goods and services in the circular-flow diagram,

The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the

The production possibilities frontier provides an illustration of the principle that

Refer to Figure 2-13.One difference between points F and G is that

In the simple circular-flow diagram,households

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

Figure 2-16​ -Refer to Figure 2-16.It is possible for this economy to produce

A certain production possibilities frontier shows production possibilities for two goods,jewelry and clothing.Which of the following concepts cannot be illustrated by this model?

For economists,historical episodes

Figure 2-9 -Refer to Figure 2-9,Panel (a).The movement from point M to point K could be caused by