Question 1

Since 1946, the president of the United States has received guidance from a group comprised of three members and a staff of a few dozen economists known as the

Accepted Answer

Council of...

Question 2

Figure 2-10
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-Refer to Figure 2-10. It is possible for this economy to produce 75 doghouses.

Accepted Answer

A) True 
 B)False

Question 3

When two variables move in the same direction, the curve relating them is

Accepted Answer

A)  downward sloping, and we say the variables are negatively related.
B)  upward sloping, and we say the variables are negatively related.
C)  downward sloping, and we say the variables are positively related.
D)  upward sloping, and we say the variables are positively related.E) A) and D)
F) A) and C) D

Question 4

Figure 2-12
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  ​
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-Refer to Figure 2-12. What are two elements not included in this figure that could be included in a more complex model?

Accepted Answer

government...

Question 5

Figure 2-6
 
-Refer to Figure 2-6. Consider the production possibilities frontier for an economy that produces only sofas and cars. When society moves from point A to point B,

Accepted Answer

A)  the opportunity cost is the same as when society moves from point B to point C.
B)  it is giving up cars to get sofas.
C)  the opportunity cost is increasing.
D)  it moves from an inefficient point to an efficient point.E) None of the above
F) All of the above

Question 6

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

Accepted Answer

A) True 
 B)False  True

Question 7

Figure 2-10
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  ​
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-Refer to Figure 2-10. Points A, B, and D represent feasible outcomes for this economy.

Accepted Answer

A) True 
 B)False

Question 8

Figure 2-4
Graph (a) 
Graph (b) 
  
-Refer to Figure 2-4, Graph (a) . Production at point Q is

Accepted Answer

A)  possible and efficient.
B)  possible but inefficient.
C)  impossible but efficient.
D)  impossible and inefficient.E) B) and C)
F) A) and C)

Question 9

In the markets for goods and services in the circular-flow diagram, households are buyers and firms are sellers.

Accepted Answer

A) True 
 B)False  True

Question 10

Is the following a positive or normative statement? The unemployment rate in Nevada is higher than the unemployment rate in New York.

Accepted Answer

The answer of Is the following a positive or normative...

Question 11

The slope of a line that passes through the points (10, 40)  and (20, 35)  is

Accepted Answer

A)    12\frac { 1 } { 2 }21​  .
B)    −12- \frac { 1 } { 2 }−21​  .
C)  -2.
D)  2. E) A) and C)
F) C) and D)

Question 12

Figure 2-14
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  ​
-Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one car is

Accepted Answer

The answer of Figure 2-14
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  ​
-Refer to Figure 2-14....

Question 13

When economists are trying to explain the world, they are scientists. When they are trying to improve it, they are

Accepted Answer

The answer of When economists are trying to explain the...

Question 14

Kiara wants to create a graph containing the prices of theater tickets and the corresponding quantities of theater tickets demanded by customers. She should use a

Accepted Answer

A)  pie chart.
B)  bar graph.
C)  time-series graph.
D)  coordinate system.E) B) and D)
F) B) and C)

Question 15

When a variable that is named on an axis of a graph changes, the curve shifts.

Accepted Answer

A) True 
 B)False

Question 16

In the circular-flow diagram, firms own the factors of production and use them to produce goods and services.

Accepted Answer

A) True 
 B)False

Question 17

Points outside the production possibilities frontier represent infeasible levels of production.

Accepted Answer

A) True 
 B)False

Question 18

In the circular-flow diagram, firms consume all the goods and services that they produce.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements about models is correct?

Accepted Answer

A)  The more details a model includes, the better the model.
B)  Because economic models omit many details, they allow us to see what is truly important.
C)  Models cannot be used to explain how the economy functions.
D)  Economic models complicate reality.E) A) and B)
F) A) and C)

Question 20

Figure 2-13
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  Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two.
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-Refer to Figure 2-13. Which point(s) on the graph is(are) efficient production possibilities?

Accepted Answer

The answer of Figure 2-13
​
  Consider the production possibilities...

Exam 2: Thinking Like an Economist

Since 1946, the president of the United States has received guidance from a group comprised of three members and a staff of a few dozen economists known as the

Correct AnswerverifiedCouncil of...View AnswerShow Answer

Figure 2-10 ​ ​ ​ ​ ​ -Refer to Figure 2-10. It is possible for this economy to produce 75 doghouses.

Correct AnswerverifiedShow Answer

When two variables move in the same direction, the curve relating them is

Correct AnswerverifiedD

Figure 2-12 ​ ​ ​ ​ ​ ​ -Refer to Figure 2-12. What are two elements not included in this figure that could be included in a more complex model?

Correct Answerverifiedgovernment...View AnswerShow Answer

Figure 2-6 -Refer to Figure 2-6. Consider the production possibilities frontier for an economy that produces only sofas and cars. When society moves from point A to point B,

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedTrue

Figure 2-10 ​ ​ ​ ​ ​ -Refer to Figure 2-10. Points A, B, and D represent feasible outcomes for this economy.

Correct AnswerverifiedShow Answer

Figure 2-4 Graph (a) Graph (b) -Refer to Figure 2-4, Graph (a) . Production at point Q is

Correct AnswerverifiedShow Answer

In the markets for goods and services in the circular-flow diagram, households are buyers and firms are sellers.

Correct AnswerverifiedTrue

Is the following a positive or normative statement? The unemployment rate in Nevada is higher than the unemployment rate in New York.

Correct AnswerverifiedShow Answer

The slope of a line that passes through the points (10, 40) and (20, 35) is

Correct AnswerverifiedShow Answer

Figure 2-14 ​ ​ -Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one car is

Correct AnswerverifiedShow Answer

When economists are trying to explain the world, they are scientists. When they are trying to improve it, they are

Correct AnswerverifiedShow Answer

Kiara wants to create a graph containing the prices of theater tickets and the corresponding quantities of theater tickets demanded by customers. She should use a

Correct AnswerverifiedShow Answer

When a variable that is named on an axis of a graph changes, the curve shifts.

Correct AnswerverifiedShow Answer

In the circular-flow diagram, firms own the factors of production and use them to produce goods and services.

Correct AnswerverifiedShow Answer

Points outside the production possibilities frontier represent infeasible levels of production.

Correct AnswerverifiedShow Answer

In the circular-flow diagram, firms consume all the goods and services that they produce.

Correct AnswerverifiedShow Answer

Which of the following statements about models is correct?

Correct AnswerverifiedShow Answer

Figure 2-13 ​ Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two. ​ ​ ​ -Refer to Figure 2-13. Which point(s) on the graph is(are) efficient production possibilities?

Correct AnswerverifiedShow Answer

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Council of...
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Figure 2-10 -Refer to Figure 2-10. It is possible for this economy to produce 75 doghouses.

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D

Figure 2-12 -Refer to Figure 2-12. What are two elements not included in this figure that could be included in a more complex model?

Correct Answer
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government...
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True

Figure 2-10 -Refer to Figure 2-10. Points A, B, and D represent feasible outcomes for this economy.

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True

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Figure 2-14 -Refer to Figure 2-14. Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one car is

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Figure 2-13 Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two. -Refer to Figure 2-13. Which point(s) on the graph is(are) efficient production possibilities?

Correct Answer
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