Question 1

Figure 2-2
 
-Refer to Figure 2-2.Carla regularly buys fruits and vegetables at a grocery store.Roberto regularly pays a lawn-care company to mow his lawn.If the flow of fruits and vegetables from the grocery store to Carla is represented by an arrow from Box C to Box B of this circular-flow diagram,then the money paid by Roberto to the lawn-care company is represented by an arrow

Accepted Answer

A)   from Box A to Box D.
B)   from Box B to Box C.
C)   from Box C to Box B.
D)   from Box D to Box A.E) A) and D)
F) None of the above

Question 2

The point where both x and y are zero is known as the

Accepted Answer

A)   origin.
B)   null.
C)   zero coordinate.
D)   center.E) A) and C)
F) C) and D)

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Figure 2-7
 
-Refer to Figure 2-7.Point K represents an outcome in which

Accepted Answer

A)   production is inefficient.
B)   some of the economy's resources are unemployed.
C)   the economy is using all of its resources to produce hammers.
D)   the economy is using all of its nails to produce hammers.E) A) and C)
F) A) and B)

Question 5

With the resources it has,an economy can produce at any point on or outside the production possibilities frontier,but it cannot produce at points inside the frontier.

Accepted Answer

A) True 
 B)False

Question 6

A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Accepted Answer

A) True 
 B)False

Question 7

Figure 2-4
 
-Refer to Figure 2-4.Inefficient production is represented by which point(s) ?

Accepted Answer

A)   Y, Z
B)   V
C)   V, W
D)   WE) All of the above
F) B) and C)

Question 8

The slope of a line that passes through the points (10,15) and (20,7) is

Accepted Answer

A)   -5/4.
B)   -4/5.
C)   4/5.
D)   5/4.E) A) and D)
F) None of the above

Question 9

Which of the following statements is correct about the extent of disagreement among economists?

Accepted Answer

A)   There is a great deal of agreement among economists on virtually every economic issue.
B)   There is a great deal of agreement among economists on many important economic issues.
C)   All disagreements among economists are attributable to differences in their values.
D)   All disagreements among economists are attributable to the fact that different economists have different degrees of faith in the validity of alternative economic theories.E) C) and D)
F) A) and B)

Question 10

Economists sometimes give conflicting advice because

Accepted Answer

A)   graduate students in economics are encouraged to argue with each other.
B)   economists have different values and scientific judgment.
C)   economists acting as scientists do not like to agree with economists acting as policy advisers.
D)   economics is more of a belief system than a science.E) B) and D)
F) None of the above

Question 11

Table 2-5
 
-Refer to Table 2-5.Table 2-5 shows one set of production possibilities.Which of the following combinations of cookies and coffee is not currently attainable but would be attainable if there was an improvement in overall production technology?

Accepted Answer

A)   800 dozen cookies and 150 pounds of coffee
B)   700 dozen cookies and 400 pounds of coffee
C)   500 dozen cookies and 850 pounds of coffee
D)   300 dozen cookies and 900 pounds of coffeeE) All of the above
F) B) and C)

Question 12

In principle,we can

Accepted Answer

A)   ignore positive statements when choosing among various public policy alternatives.
B)   ignore normative statements when choosing among various public policy alternatives.
C)   confirm or refute positive statements by examining evidence.
D)   confirm or refute normative statements by examining evidence.E) A) and D)
F) None of the above

Question 13

Which of the following is not held constant when looking at an individual's demand curve?

Accepted Answer

A)   income
B)   price
C)   preferences
D)   the availability of alternative goodsE) A) and B)
F) All of the above

Question 14

Graphs such as bar graphs and pie charts are limited in that they

Accepted Answer

A)   can only show variables that are positively related.
B)   can only show variables that have a negative correlation.
C)   provide information on only one variable.
D)   provide information on no more than two variables.E) A) and D)
F) C) and D)

Question 15

Figure 2-9

-Refer to Figure 2-9,Panel (a) .Production at point B is

Accepted Answer

A)   impossible and inefficient.
B)   impossible but efficient.
C)   possible but inefficient.
D)   possible and efficient.E) C) and D)
F) All of the above

Exam 2: Thinking Like an Economist.

Graphs such as bar graphs and pie charts are limited in that they

Correct Answer
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Figure 2-9 -Refer to Figure 2-9,Panel (a) .Production at point B is

Correct Answer
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The slope of a line that passes through the points (10,15) and (20,7) is

Correct Answer
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A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Correct Answer
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In principle,we can

Correct Answer
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With the resources it has,an economy can produce at any point on or outside the production possibilities frontier,but it cannot produce at points inside the frontier.

Correct Answer
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Figure 2-4 -Refer to Figure 2-4.Inefficient production is represented by which point(s) ?

Correct Answer
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Figure 2-7 -Refer to Figure 2-7.Point K represents an outcome in which

Correct Answer
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The point where both x and y are zero is known as the

Correct Answer
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Economists sometimes give conflicting advice because

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

Correct Answer
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Table 2-5 -Refer to Table 2-5.Table 2-5 shows one set of production possibilities.Which of the following combinations of cookies and coffee is not currently attainable but would be attainable if there was an improvement in overall production technology?

Correct Answer
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Which of the following statements is correct about the extent of disagreement among economists?

Correct Answer
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Which of the following is not held constant when looking at an individual's demand curve?

Correct Answer
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Exam 2: Thinking Like an Economist.

Graphs such as bar graphs and pie charts are limited in that they

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Figure 2-9 -Refer to Figure 2-9,Panel (a) .Production at point B is

Correct AnswerverifiedShow Answer

The slope of a line that passes through the points (10,15) and (20,7) is

Correct AnswerverifiedShow Answer

A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Correct AnswerverifiedShow Answer

In principle,we can

Correct AnswerverifiedShow Answer

With the resources it has,an economy can produce at any point on or outside the production possibilities frontier,but it cannot produce at points inside the frontier.

Correct AnswerverifiedShow Answer

Figure 2-4 -Refer to Figure 2-4.Inefficient production is represented by which point(s) ?

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Figure 2-7 -Refer to Figure 2-7.Point K represents an outcome in which

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The point where both x and y are zero is known as the

Correct AnswerverifiedShow Answer

Economists sometimes give conflicting advice because

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Table 2-5 -Refer to Table 2-5.Table 2-5 shows one set of production possibilities.Which of the following combinations of cookies and coffee is not currently attainable but would be attainable if there was an improvement in overall production technology?

Correct AnswerverifiedShow Answer

Which of the following statements is correct about the extent of disagreement among economists?

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Correct AnswerverifiedShow Answer

Which of the following is not held constant when looking at an individual's demand curve?

Correct AnswerverifiedShow Answer

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