Question 1

Printing presses,forklifts,and assembly plants are examples of which factor of production?

Accepted Answer

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

Question 2

According to the authors in this chapter,which of the following impedes entrepreneurship from thriving in Sub-Saharan Africa?

Accepted Answer

A)   institutions
B)   diseases
C)   government policy
D)   inflationE) A) and D)
F) A) and C)

Question 3

Explain three ways we can use microeconomics analysis.

Accepted Answer

One reason for studying microeconomics i...

Question 4

Which of the following is NOT an economic decision in a modern economy?

Accepted Answer

A)   Who consumes the products produced?
B)   What will be produced?
C)   Where will the products produced be consumed?
D)   How will we produce the products?E) A) and B)
F) A) and C)

Question 5

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) .
-If a variable decreases from 100 to 60,then using the initial value approach its percentage decline is

Accepted Answer

A)   -40 percent.
B)   40 percent.
C)   50 percent.
D)   160 percent.E) B) and D)
F) All of the above

Question 6

The slope of a straight line is calculated as

Accepted Answer

A)   the variable on the vertical axis divided by the variable on the horizontal axis.
B)   the variable on the horizontal axis divided by the variable on the vertical axis.
C)   the run over the rise.
D)   the rise over the run.E) B) and C)
F) A) and D)

Question 7

Macroeconomics is best described as the study of

Accepted Answer

A)   very large issues.
B)   the choices made by individual households, firms, and governments.
C)   the nation's economy as a whole.
D)   the relationship between inflation and wage inequality.E) A) and D)
F) A) and C)

Question 8

Scarcity is a situation in which resources are limited in quantity and can be used in different ways.

Accepted Answer

A) True 
 B)False

Question 9

Public policies such as the government subsidies for corn are topics of concern in microeconomics.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

In the fastest-growing countries,citizen...

Question 11

Microeconomics is the branch of economics that helps explain economic fluctuations,why the economy shrinks and expands,and why some of the economy's resources are idle.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

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

Question 13

Microeconomics is the study of the choices made by ________ and how these choices affect the markets.

Accepted Answer

A)   households only
B)   the government only
C)   firms only
D)   households, firms, and the government.E) A) and B)
F) A) and C)

Question 14

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

Accepted Answer

A)   How will an increase in the price of gasoline affect taxi drivers?
B)   What fraction of an income-tax cut will be spent on consumer goods?
C)   Should the government provide free prescription drugs to senior citizens?
D)   How will an increase in the minimum wage affect teenaged workers?E) None of the above
F) A) and C)

Question 15

In the final two decades of the 20th century,sub-Saharan African economies grew rapidly.

Accepted Answer

A) True 
 B)False

Question 16

One efficient solution to congestion is to

Accepted Answer

A)   impose a congestion tax on drivers who use the road during the rush hour.
B)   prevent cars from using the roads during the rush hour.
C)   give subsidies to drivers who use the road during the rush hour.
D)   lower gasoline taxes.E) A) and D)
F) All of the above

Question 17

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) B) and C)
F) A) and B)

Question 18

Microeconomics is the study of aggregate behavior in the economy.

Accepted Answer

A) True 
 B)False

Question 19

Topics regarding why an economy is in a recession are in the realm of macroeconomics,while topics concerning long term economic growth are not.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is a topic of microeconomics?

Accepted Answer

A)   money supply
B)   exchange rates
C)   why the price of gold is rising
D)   All of the above are topics in microeconomics.E) C) and D)
F) All of the above

Exam 1: Introduction: What Is Economics

Printing presses,forklifts,and assembly plants are examples of which factor of production?

Correct AnswerverifiedShow Answer

Microeconomics is the study of the choices made by ________ and how these choices affect the markets.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is a topic of microeconomics?

Correct AnswerverifiedShow Answer

Microeconomics is the study of aggregate behavior in the economy.

Correct AnswerverifiedShow Answer

Macroeconomics is best described as the study of

Correct AnswerverifiedShow Answer

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) . -If a variable decreases from 100 to 60,then using the initial value approach its percentage decline is

Correct AnswerverifiedShow Answer

Scarcity is a situation in which resources are limited in quantity and can be used in different ways.

Correct AnswerverifiedShow Answer

In the final two decades of the 20th century,sub-Saharan African economies grew rapidly.

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

Microeconomics is the branch of economics that helps explain economic fluctuations,why the economy shrinks and expands,and why some of the economy's resources are idle.

Correct AnswerverifiedShow Answer

Topics regarding why an economy is in a recession are in the realm of macroeconomics,while topics concerning long term economic growth are not.

Correct AnswerverifiedShow Answer

Which of the following is NOT a microeconomic question?

Correct AnswerverifiedShow Answer

The slope of a straight line is calculated as

Correct AnswerverifiedShow Answer

One efficient solution to congestion is to

Correct AnswerverifiedShow Answer

Which of the following is NOT an economic decision in a modern economy?

Correct AnswerverifiedShow Answer

According to the authors in this chapter,which of the following impedes entrepreneurship from thriving in Sub-Saharan Africa?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Explain three ways we can use microeconomics analysis.

Correct AnswerverifiedOne reason for studying microeconomics i...View AnswerShow Answer

Public policies such as the government subsidies for corn are topics of concern in microeconomics.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
One reason for studying microeconomics i...
View Answer

Correct Answer
verified