Question 1

In order to display information on two variables,an economist must use

Accepted Answer

A)   a bar graph.
B)   a pie chart.
C)   the coordinate system.
D)   a time-series graph.E) None of the above
F) B) and C)

Question 2

The slope of a line that passes through the points (15,10) and (7,30) is

Accepted Answer

A)   -5/2.
B)   -2/5.
C)   2/5.
D)   5/2.E) A) and C)
F) All of the above

Question 3

Figure 2-13 
-Refer to Figure 2-13.The movement from point A to point B is a(n)

Accepted Answer

A)   shift of the demand curve.
B)   indication of a change in preferences for roses.
C)   movement along the demand curve.
D)   indication of an increase in income.E) A) and B)
F) A) and C)

Question 4

Figure 2-7 
-Refer to Figure 2-7.Efficient production is represented by which point(s) ?

Accepted Answer

A)   A
B)   A,B
C)   A,B,C
D)   A,B,DE) A) and B)
F) A) and C)

Question 5

Which of the following statements is correct about the roles of economists?

Accepted Answer

A)   Economists are best viewed as policy advisers.
B)   Economists are best viewed as scientists.
C)   In trying to explain the world,economists are policy advisers;in trying to improve the world,they are scientists.
D)   In trying to explain the world,economists are scientists;in trying to improve the world,they are policy advisers.E) B) and D)
F) A) and B)

Question 6

The ordered pair that represents the origin on a graph is

Accepted Answer

A)   (1,1) .
B)   (0,0) .
C)   (-1,-1) .
D)   () .E) C) and D)
F) B) and D)

Question 7

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

Accepted Answer

A)   goods and services
B)   land,labor,and capital
C)   dollars spent on goods and services
D)   wages,rent,and profitE) A) and B)
F) All of the above

Question 8

Figure 2-1 
-Refer to Figure 2-1.Which arrow represents the flow of income payments?

Accepted Answer

A)   A
B)   B
C)   C
D)   DE) A) and C)
F) All of the above

Question 9

Figure 2-12 
-Refer to Figure 2-12.The graph shown is known as a

Accepted Answer

A)   time-series graph.
B)   bar graph.
C)   scatterplot.
D)   pie chart.E) B) and C)
F) None of the above

Question 10

Figure 2-4 
-Refer to Figure 2-4.Suppose this economy is producing at point D.Which of the following statements would best explain this situation?

Accepted Answer

A)   The economy lacks the resources to produce at a more desirable point.
B)   The economy's available technology prevents it from producing at a more desirable point.
C)   There is widespread unemployment in the economy.
D)   Any of the above statements would be a legitimate explanation for this situation.E) A) and B)
F) B) and C)

Question 11

Economic models omit many details to allow us to see what is truly important.

Accepted Answer

A) True 
 B)False

Question 12

Sometimes economists disagree because their values differ.Which of the following instances best reflects this source of disagreement?

Accepted Answer

A)   One economist believes the North American Free Trade Agreement (NAFT
A)  has led to a loss of American jobs;another economist disputes this claim.
B)   One economist believes that when income taxes are cut,people will increase their spending;another economist believes that when income taxes are cut,people will increase their saving.
C)   One economist advises against increases in sales taxes because she thinks such increases are unfair to low-income people;another economist disputes the idea that increases in sales taxes are unfair to low-income people.
D)   One economist believes that,prior to the Civil War,slavery contributed to economic growth in the South;another economist believes that slavery held back the South's economic growth.E) B) and C)
F) A) and D)

Question 13

Economists believe that production possibilities frontiers rarely have a bowed shape.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is correct?

Accepted Answer

A)   Economists almost always find it easy to conduct experiments in order to test their theories.
B)   Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories.
C)   Economics is a social science rather than a true science because it cannot employ the scientific method.
D)   Economists are usually not allowed to conduct experiments,so they must rely on natural experiments offered by history.E) B) and D)
F) A) and C)

Question 15

Use the following graph to answer the following questions.
a.How would point J be represented as an ordered pair?
b.What type of curve is this?
c.Does this curve show a positive or negative correlation between price and quantity?
d.Compute the slope of D1 between points J and L.
e. What is the slope of D1 between points L and N? Why would you not have to calculate this answer?
f. What is it called if we move from D1 to D2?
g. How do you know that the slope of D2 is the same as the slope of D1?

Accepted Answer

a.
(20,24)
b.
a demand curve
c.
a negati...

Question 16

For economists,historical episodes

Accepted Answer

A)   are not worthy of study because they offer few insights into current economic events and problems.
B)   are not worthy of study because laboratory experiments provide more reliable data.
C)   are worthy of study because economists rely entirely on observation,rather than on theory.
D)   are worthy of study because they serve as valuable substitutes for laboratory experiments.E) C) and D)
F) All of the above

Question 17

The Congressional Budget Office,which is staffed by economists,provides Congress with independent evaluations of policy proposals.

Accepted Answer

A) True 
 B)False

Question 18

The essence of science is

Accepted Answer

A)   the laboratory experiment.
B)   the scientific method.
C)   the study of nature,but not the study of society.
D)   All of the above are correct.E) C) and D)
F) B) and D)

Question 19

Figure 2-14 
-Refer to Figure 2-14.Points A,B,and D represent feasible outcomes for this economy.

Accepted Answer

A) True 
 B)False

Question 20

In a certain economy,brooms and radios are produced,and the economy currently operates on its production possibilities frontier.Which of the following events would allow the economy to produce more brooms and more radios,relative to the quantities of those goods that are being produced now?

Accepted Answer

A)   The economy experiences economic growth.
B)   There is a technological advance in the broom industry,but the radio industry experiences no such advance.
C)   There is a technological advance in the radio industry,but the broom industry experiences no such advance.
D)   All of the above are correct.E) A) and D)
F) A) and C)

Exam 2: Thinking Like an Economist

Economists believe that production possibilities frontiers rarely have a bowed shape.

Correct Answer
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Figure 2-1 -Refer to Figure 2-1.Which arrow represents the flow of income payments?

Correct Answer
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In order to display information on two variables,an economist must use

Correct Answer
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In the circular-flow diagram,which of the following items flows from firms to households through the markets for the factors of production?

Correct Answer
verified

Figure 2-13 -Refer to Figure 2-13.The movement from point A to point B is a(n)

Correct Answer
verified

For economists,historical episodes

Correct Answer
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Figure 2-4 -Refer to Figure 2-4.Suppose this economy is producing at point D.Which of the following statements would best explain this situation?

Correct Answer
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Which of the following statements is correct?

Correct Answer
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The slope of a line that passes through the points (15,10) and (7,30) is

Correct Answer
verified

The Congressional Budget Office,which is staffed by economists,provides Congress with independent evaluations of policy proposals.

Correct Answer
verified

Sometimes economists disagree because their values differ.Which of the following instances best reflects this source of disagreement?

Correct Answer
verified

Figure 2-7 -Refer to Figure 2-7.Efficient production is represented by which point(s) ?

Correct Answer
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The essence of science is

Correct Answer
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The ordered pair that represents the origin on a graph is

Correct Answer
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Figure 2-14 -Refer to Figure 2-14.Points A,B,and D represent feasible outcomes for this economy.

Correct Answer
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Figure 2-12 -Refer to Figure 2-12.The graph shown is known as a

Correct Answer
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Economic models omit many details to allow us to see what is truly important.

Correct Answer
verified

In a certain economy,brooms and radios are produced,and the economy currently operates on its production possibilities frontier.Which of the following events would allow the economy to produce more brooms and more radios,relative to the quantities of those goods that are being produced now?

Correct Answer
verified

Which of the following statements is correct about the roles of economists?

Correct Answer
verified

Correct Answer
verified
a.
(20,24)
b.
a demand curve
c.
a negati...
View Answer

Exam 2: Thinking Like an Economist

Economists believe that production possibilities frontiers rarely have a bowed shape.

Correct AnswerverifiedShow Answer

Figure 2-1 -Refer to Figure 2-1.Which arrow represents the flow of income payments?

Correct AnswerverifiedShow Answer

In order to display information on two variables,an economist must use

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Figure 2-13 -Refer to Figure 2-13.The movement from point A to point B is a(n)

Correct AnswerverifiedShow Answer

For economists,historical episodes

Correct AnswerverifiedShow Answer

Figure 2-4 -Refer to Figure 2-4.Suppose this economy is producing at point D.Which of the following statements would best explain this situation?

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

The slope of a line that passes through the points (15,10) and (7,30) is

Correct AnswerverifiedShow Answer

The Congressional Budget Office,which is staffed by economists,provides Congress with independent evaluations of policy proposals.

Correct AnswerverifiedShow Answer

Sometimes economists disagree because their values differ.Which of the following instances best reflects this source of disagreement?

Correct AnswerverifiedShow Answer

Figure 2-7 -Refer to Figure 2-7.Efficient production is represented by which point(s) ?

Correct AnswerverifiedShow Answer

The essence of science is

Correct AnswerverifiedShow Answer

The ordered pair that represents the origin on a graph is

Correct AnswerverifiedShow Answer

Figure 2-14 -Refer to Figure 2-14.Points A,B,and D represent feasible outcomes for this economy.

Correct AnswerverifiedShow Answer

Figure 2-12 -Refer to Figure 2-12.The graph shown is known as a

Correct AnswerverifiedShow Answer

Economic models omit many details to allow us to see what is truly important.

Correct AnswerverifiedShow Answer

In a certain economy,brooms and radios are produced,and the economy currently operates on its production possibilities frontier.Which of the following events would allow the economy to produce more brooms and more radios,relative to the quantities of those goods that are being produced now?

Correct AnswerverifiedShow Answer

Which of the following statements is correct about the roles of economists?

Correct AnswerverifiedShow Answer

Correct Answerverifieda.(20,24)b.a demand curvec.a negati...View AnswerShow Answer

Correct Answer
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Correct Answer
verified
a.
(20,24)
b.
a demand curve
c.
a negati...
View Answer