Question 1

Figure 2-13 
-Refer to Figure 2-13.The graph shown is known as a

Accepted Answer

A)   time-series graph.
B)   bar graph.
C)   scatterplot.
D)   pie chart.E) None of the above
F) All of the above

Question 2

If new government regulations designed to protect wetlands remove very productive farmland from production,then the production possibilities frontier will shift inward.

Accepted Answer

A) True 
 B)False

Question 3

Figure 2-1 
-Refer to Figure 2-1.What does the arrow going from oval B to rectangle 2 represent in the figure?

Accepted Answer

The answer of Figure 2-1 
-Refer to Figure 2-1.What does...

Question 4

Figure 2-15
Relationship between Price and Cups of Coffee 
-Refer to Figure 2-15.The slope of the line containing points A and B is

Accepted Answer

A)   -1/2.
B)   -2.
C)   1/2.
D)   2.E) B) and C)
F) A) and B)

Question 5

Table 2-5
 
-Home is a country that produces two goods,pears and cellular phones.Last year,Home produced 450 bushels of pears and 1050 cellular phones.This year it produced 450 bushels of pears and 2000 cellular phones.Given no other information,which of the following events could explain this change?

Accepted Answer

A)   Home experienced increased unemployment.
B)   Home experienced a decline in pear-producing technology.
C)   Home experienced an improvement in cellular phone-making technology.
D)   Home experienced a reduction in resources.E) B) and C)
F) None of the above

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Figure 2-6 
-Refer to Figure 2-6.What is the opportunity cost of moving from point A to point B?

Accepted Answer

A)   zero
B)   6 clocks
C)   6 clocks and 15 candles
D)   15 candlesE) A) and B)
F) A) and C)

Question 8

The y-coordinate of an ordered pair specifies the

Accepted Answer

A)   diagonal location of the point.
B)   vertical location of the point.
C)   horizontal location of the point.
D)   quadrant location in which the point is located.E) A) and D)
F) B) and D)

Question 9

-Refer to Figure 2-3.How are price and quantity related in this graph?

Accepted Answer

negatively...

Question 10

Figure 2-5 
-Refer to Figure 2-5.A movement from point C to point D could be caused by

Accepted Answer

A)   unemployment.
B)   a decrease in society's preference for sweaters.
C)   fewer resources available for production of sweaters.
D)   All of the above are correct.E) B) and D)
F) A) and D)

Question 11

A production possibilities frontier has a bowed shape if the opportunity cost is constant at all levels of output.

Accepted Answer

A) True 
 B)False

Question 12

The slope of a fairly flat upward-sloping line will be a

Accepted Answer

A)   small positive number.
B)   large positive number.
C)   small negative number.
D)   large negative number.E) A) and B)
F) B) and C)

Question 13

Normative statements are not

Accepted Answer

A)   descriptive.
B)   prescriptive.
C)   claims about how the world should be.
D)   made by economists speaking as policy advisers.E) B) and D)
F) All of the above

Question 14

Figure 2-5 
-Refer to Figure 2-5.The opportunity cost of this economy moving from point A to point C is

Accepted Answer

A)   75 soccer balls.
B)   125 soccer balls.
C)   125 soccer balls and 240 sweaters.
D)   240 sweaters.E) A) and B)
F) C) and D)

Question 15

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 B)
F) A) and C)

Question 16

When income increases the slope of an individual's demand curve,the demand curve

Accepted Answer

A)   turns positive.
B)   becomes undefined.
C)   remains negative.
D)   becomes infinite.E) A) and C)
F) B) and C)

Question 17

If a line passes through the points (20,5)and (10,10),then the slope of the line is -2.

Accepted Answer

A) True 
 B)False

Question 18

Figure 2-4 
-Refer to Figure 2-4.This economy cannot currently produce 30 notepads and 45 lamps because

Accepted Answer

A)   some of its resources are unemployed.
B)   inefficiencies exist in this economy's production process.
C)   given its current technology,it does not have the resources to produce that level of output.
D)   All of the above are correct.E) All of the above
F) A) and D)

Question 19

Figure 2-14 
-Refer to Figure 2-14.The movement from point A to point B is a(n)

Accepted Answer

A)   shift of the demand curve.
B)   indication of a change in preferences for grapes.
C)   movement along the demand curve.
D)   indication of an increase in income.E) All of the above
F) A) and B)

Question 20

According to John Maynard Keynes,an economist must possess a rare combination of skills including being a mathematician,historian,statesman,and philosopher.

Accepted Answer

A) True 
 B)False

Exam 2: Thinking Like an Economist

Figure 2-5 -Refer to Figure 2-5.The opportunity cost of this economy moving from point A to point C is

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If a line passes through the points (20,5)and (10,10),then the slope of the line is -2.

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Figure 2-6 -Refer to Figure 2-6.What is the opportunity cost of moving from point A to point B?

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When income increases the slope of an individual's demand curve,the demand curve

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Figure 2-4 -Refer to Figure 2-4.This economy cannot currently produce 30 notepads and 45 lamps because

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If new government regulations designed to protect wetlands remove very productive farmland from production,then the production possibilities frontier will shift inward.

Correct AnswerverifiedShow Answer

Figure 2-13 -Refer to Figure 2-13.The graph shown is known as a

Correct AnswerverifiedShow Answer

Figure 2-5 -Refer to Figure 2-5.A movement from point C to point D could be caused by

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

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Figure 2-14 -Refer to Figure 2-14.The movement from point A to point B is a(n)

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The slope of a fairly flat upward-sloping line will be a

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Figure 2-1 -Refer to Figure 2-1.What does the arrow going from oval B to rectangle 2 represent in the figure?

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The y-coordinate of an ordered pair specifies the

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-Refer to Figure 2-3.How are price and quantity related in this graph?

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Figure 2-15 Relationship between Price and Cups of Coffee -Refer to Figure 2-15.The slope of the line containing points A and B is

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Normative statements are not

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According to John Maynard Keynes,an economist must possess a rare combination of skills including being a mathematician,historian,statesman,and philosopher.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

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A production possibilities frontier has a bowed shape if the opportunity cost is constant at all levels of output.

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negatively...
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