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The President counts among his economic advisors the Congressional Budget Office.

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 75 doghouses. -Refer to Figure 2-14.It is possible for this economy to produce 75 doghouses.

A) True
B) False

Correct Answer

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Microeconomics and macroeconomics are closely intertwined.

A) True
B) False

Correct Answer

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When economists are trying to explain the world,they are scientists,and when they are trying to help improve the world,they are policy advisers.

A) True
B) False

Correct Answer

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The slope of a horizontal line is infinite,and the slope of a vertical line is zero.

A) True
B) False

Correct Answer

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Changes in one variable on a graph might be caused by the other variable on the graph or by a third omitted variable.

A) True
B) False

Correct Answer

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Economists usually have to make do with whatever data the world happens to give them.

A) True
B) False

Correct Answer

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Economists try to address their subject with a scientist's objectivity.

A) True
B) False

Correct Answer

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When a production possibilities frontier is bowed outward,the opportunity cost of one good in terms of the other is constant.

A) True
B) False

Correct Answer

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Different values are not a reason for disagreement among economists.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Given the technology available for manufacturing doghouses and dishwashers,this economy does not have enough of the factors of production to support the level of output represented by point C. -Refer to Figure 2-14.Given the technology available for manufacturing doghouses and dishwashers,this economy does not have enough of the factors of production to support the level of output represented by point C.

A) True
B) False

Correct Answer

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A circular-flow diagram is a visual model of the economy.

A) True
B) False

Correct Answer

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The Council of Economic Advisers consists of thirty members and a staff of several dozen economists.

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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A pie chart is a way to display information regarding two variables.

A) True
B) False

Correct Answer

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When a production possibilities frontier is bowed outward,the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

A) True
B) False

Correct Answer

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When a variable that is not named on either axis of a graph changes,we read the change as a movement along the curve.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.The opportunity cost of moving from point B to point D is 15 doghouses. -Refer to Figure 2-14.The opportunity cost of moving from point B to point D is 15 doghouses.

A) True
B) False

Correct Answer

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While the scientific method is applicable to studying natural sciences,it is not applicable to studying a nation's economy.

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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Showing 81 - 100 of 136

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