Question 1

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Accepted Answer

A)  minimum wage of the worker.
B)  hourly wage of the worker.
C)  the total monthly income of the worker.
D)  increase in income earned by the worker per every year of service.E) A) and D)
F) A) and C)

Question 2

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Accepted Answer

A)  -50 percent.
B)  15 percent.
C)  40 percent.
D)  50 percent.E) A) and C)
F) None of the above

Question 3

All topics concerning taxes are within the realm of macroeconomics.

Accepted Answer

A) True 
 B)False

Question 4

The study of the choices made by individual households,firms,and government is called:

Accepted Answer

A)  macroeconomics.
B)  microeconomics.
C)  managerial economics.
D)  market economics.E) A) and B)
F) A) and C)

Question 5

Which of the following is NOT a microeconomic question?

Accepted Answer

A)  How does a particular health care reform program affect physicians' incomes?
B)  What would happen to gasoline consumption if the gasoline tax were increased?
C)  How should Judy decide how many hours to study for her economics exam?
D)  All of the above are microeconomic questions.E) A) and B)
F) A) and C)

Question 6

The economic view of traffic congestion considers:

Accepted Answer

A)  that drivers ignore the costs they impose on other drivers by slowing other drivers' commute time.
B)  that driving is a right.
C)  that most drivers are not good defensive drivers.
D)  that the amount of driving should be reduced.E) A) and D)
F) B) and D)

Question 7

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

Accepted Answer

A)  Improved building insulation.
B)  Deforestations
C)  Using energy efficient lighting
D)  Using hybrid vehicles.E) None of the above
F) A) and D)

Question 8

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

Accepted Answer

A) True 
 B)False

Question 9

Why are fast growing economies predicted to grow even faster in the future?

Accepted Answer

In the fastest growing countries,citizen...

Question 10

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is NOT a factor of production?

Accepted Answer

A)  money
B)  human capital
C)  physical capital
D)  laborE) A) and C)
F) A) and B)

Question 12

Recall the Application about the government of Mexico City repainting highway lane lines to transform a 4-lane highway into a 6-lane highway to answer the following question(s).
-Using simple percentage change formulas,the percent change of the number of TVs from 1 to 2 should be the same if you instead go from 2 to 1.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is NOT a question answered with normative economic reasoning?

Accepted Answer

A)  If we had more money,should the college offer free parking for students?
B)  As a result of the recent recession,should the college offer more financial aid assistance?
C)  If the college increased tuition,what is the estimated decline in enrollments?
D)  Given the additional funding that we received,should the college cut tuition to stimulate enrollments?E) C) and D)
F) None of the above

Question 14

Economists employ economic models:

Accepted Answer

A)  because reality is complex.
B)  to make the field more scientific.
C)  to make reality more complex.
D)  because economic theory is too easy without them.E) All of the above
F) None of the above

Question 15

Which of the following is a question answered with positive economic analysis?

Accepted Answer

A)  If we had more money,should the college offer free parking for students?
B)  If we can afford it,should the college provide more financial aid assistance?
C)  If the college increased tuition,by how much will class sizes decline?
D)  As a result of the recession,should the college cut tuition to stimulate enrollments?E) C) and D)
F) A) and B)

Question 16

Distinguish between movement along a curve and shifting a curve.

Accepted Answer

When depicted in a line graph with varia...

Question 17

Which of the following is an example of a marginal question?

Accepted Answer

A)  How much will my chances of finding a job improve if I raise my GPA from a C to a C+ grade average?
B)  What is the average cost of a college education?
C)  How many students borrow money in order to attend college?
D)  What is the average income of a college graduate?E) A) and B)
F) C) and D)

Question 18

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

Accepted Answer

A)  a positive relationship.
B)  a negative relationship.
C)  no relationship.
D)  an unpredictable relationship.E) All of the above
F) C) and D)

Question 19

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Accepted Answer

A) True 
 B)False

Question 20

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Accepted Answer

A)  microeconomics to evaluate the merits of public policies.
B)  microeconomics to understand markets and predict changes.
C)  microeconomics to understand marginal changes in the macroeconomy.
D)  microeconomics to make managerial and personal decisions.E) B) and C)
F) B) and D)

Exam 1: Introduction: What Is Economics

All topics concerning taxes are within the realm of macroeconomics.

Correct Answer
verified

Which of the following is an example of a marginal question?

Correct Answer
verified

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

Correct Answer
verified

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Correct Answer
verified

Why are fast growing economies predicted to grow even faster in the future?

Correct Answer
verified
In the fastest growing countries,citizen...
View Answer

The economic view of traffic congestion considers:

Correct Answer
verified

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Correct Answer
verified

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

Correct Answer
verified

Correct Answer
verified

Distinguish between movement along a curve and shifting a curve.

Correct Answer
verified
When depicted in a line graph with varia...
View Answer

Which of the following is NOT a question answered with normative economic reasoning?

Correct Answer
verified

Which of the following is a question answered with positive economic analysis?

Correct Answer
verified

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Correct Answer
verified

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

Correct Answer
verified

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

Correct Answer
verified

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Correct Answer
verified

Which of the following is NOT a microeconomic question?

Correct Answer
verified

Which of the following is NOT a factor of production?

Correct Answer
verified

Economists employ economic models:

Correct Answer
verified

The study of the choices made by individual households,firms,and government is called:

Correct Answer
verified

Exam 1: Introduction: What Is Economics

All topics concerning taxes are within the realm of macroeconomics.

Correct AnswerverifiedShow Answer

Which of the following is an example of a marginal question?

Correct AnswerverifiedShow Answer

In the Application,which of the following is NOT a way to reduce CO2 emissions in a country?

Correct AnswerverifiedShow Answer

Imagine that an upward sloping line is depicted in a graph with income per week on the y-axis and hours worked per week on the x-axis.The slope of the line in the graph depicts the:

Correct AnswerverifiedShow Answer

Why are fast growing economies predicted to grow even faster in the future?

Correct AnswerverifiedIn the fastest growing countries,citizen...View AnswerShow Answer

The economic view of traffic congestion considers:

Correct AnswerverifiedShow Answer

The reason why economists do not need details regarding the topography of a region when determining driving directions is because economics is because economics desires unrealistic assumptions.

Correct AnswerverifiedShow Answer

One example of a microeconomic question is,"How will prices in the satellite TV industry change if a new firm enters the market?"

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Distinguish between movement along a curve and shifting a curve.

Correct AnswerverifiedWhen depicted in a line graph with varia...View AnswerShow Answer

Which of the following is NOT a question answered with normative economic reasoning?

Correct AnswerverifiedShow Answer

Which of the following is a question answered with positive economic analysis?

Correct AnswerverifiedShow Answer

Studies that look into the effects of state education spending cuts on the poverty rates of minorities use:

Correct AnswerverifiedShow Answer

Normative economics questions,"What ought to be?" Positive economics predicts the consequences of alternative actions,answering the questions,"What is?" or "What will be?"

Correct AnswerverifiedShow Answer

Allocating more hours toward studying for your economics exam gives you a higher grade.Based on this observation,hours and your economics grade exhibit:

Correct AnswerverifiedShow Answer

If a variable is 100 and then increases to 150,then using the initial value approach its percentage growth is:

Correct AnswerverifiedShow Answer

Which of the following is NOT a microeconomic question?

Correct AnswerverifiedShow Answer

Which of the following is NOT a factor of production?

Correct AnswerverifiedShow Answer

Economists employ economic models:

Correct AnswerverifiedShow Answer

The study of the choices made by individual households,firms,and government is called:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified
In the fastest growing countries,citizen...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
When depicted in a line graph with varia...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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