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It is difficult for economists to make observations and develop theories,but it is easy for economists to run experiments to generate data to test their theories.

A) True
B) False

Correct Answer

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The scientific method is the dispassionate development and testing of theories about how the world works.

A) True
B) False

Correct Answer

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Figure 2-17​ Figure 2-17​ -Refer to Figure 2-17.The opportunity cost of moving from point A to point B is zero. -Refer to Figure 2-17.The opportunity cost of moving from point A to point B is zero.

A) True
B) False

Correct Answer

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The Council of Economic Advisers' Economic Report of the President discusses recent developments in the economy and presents the council's analysis of current policy issues.

A) True
B) False

Correct Answer

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Figure 2-17​ Figure 2-17​ -Refer to Figure 2-17.This economy fully employs its resources when it produces 4000 shoes and zero t-shirts. -Refer to Figure 2-17.This economy fully employs its resources when it produces 4000 shoes and zero t-shirts.

A) True
B) False

Correct Answer

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Two variables that have a positive correlation move in the same direction.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.It is possible for this economy to produce 45 doghouses and 30 dishwashers. -Refer to Figure 2-14.It is possible for this economy to produce 45 doghouses and 30 dishwashers.

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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"Society would be better off if the welfare system were abolished" is a normative statement,not a positive statement.

A) True
B) False

Correct Answer

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Examples of graphs of a single variable include pie charts,bar graphs,and time-series graphs.

A) True
B) False

Correct Answer

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A technological advance in the production of the first good increases the opportunity cost of the first good in terms of the second good.

A) True
B) False

Correct Answer

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Because almost all economists oppose policies that restrict trade among nations,policymakers do not restrict imports of certain goods.

A) True
B) False

Correct Answer

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Trade-offs are involved in most policy decisions.

A) True
B) False

Correct Answer

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Points on the production possibilities frontier represent efficient levels of production.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Unemployment could cause this economy to produce at point B. -Refer to Figure 2-14.Unemployment could cause this economy to produce at point B.

A) True
B) False

Correct Answer

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Production possibilities frontiers can be used to illustrate scarcity,trade-offs,opportunity cost,efficiency,unemployment,technological advances,and economic growth.

A) True
B) False

Correct Answer

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The slope of a line is equal to the change in the x-variable divided by the change in the y-variable.

A) True
B) False

Correct Answer

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An outcome is said to be efficient if an economy is getting all it can from the scarce resources it has available.

A) True
B) False

Correct Answer

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The production possibilities frontier shows the opportunity cost of one good as measured in terms of the other good.

A) True
B) False

Correct Answer

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Economic models are most often composed of diagrams and equations.

A) True
B) False

Correct Answer

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Showing 101 - 120 of 136

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