Question 1

The scientific method is applicable to studying

Accepted Answer

A)   natural sciences,but not social sciences.
B)   social sciences,but not natural sciences.
C)   both natural sciences and social sciences.
D)   None of the above is correct.E) A) and B)
F) All of the above

Question 2

Figure 2-3 
-Refer to Figure 2-3.Unemployment could cause this economy to produce at which point(s) ?

Accepted Answer

A)   J,L
B)   J,L,M
C)   K,N
D)   ME) B) and C)
F) B) and D)

Question 3

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) None of the above

Question 4

An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Accepted Answer

A) True 
 B)False

Question 5

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is

Accepted Answer

A)   less than 0.
B)   between zero and 1.
C)   between one and infinity.
D)   undefined.E) A) and D)
F) All of the above

Question 6

Two variables that have a negative correlation move in opposite directions.

Accepted Answer

A) True 
 B)False

Question 7

"Allowing all individuals access to Medicare and Medicaid for health insurance is the fair thing to do" is an example of a

Accepted Answer

A)   contradiction in economic theory.
B)   positive economic statement.
C)   negative economic statement.
D)   normative economic statement.E) A) and B)
F) C) and D)

Question 8

Figure 2-13 
-Refer to Figure 2-13.Cups of coffee per day and the hours that someone can go without sleep appear to have

Accepted Answer

A)   a positive correlation.
B)   a negative correlation.
C)   a random correlation.
D)   no correlation.E) A) and D)
F) A) and C)

Question 9

Any point on a country's production possibilities frontier represents a combination of two goods that an economy

Accepted Answer

A)   will never be able to produce.
B)   can produce using all available resources and technology.
C)   can produce using some portion,but not all,of its resources and technology.
D)   may be able to produce in the future with more resources and/or superior technology.E) A) and B)
F) All of the above

Question 10

In the circular-flow diagram,one loop represents the flow of goods and services,and the other loop represents the flow of factors of production.

Accepted Answer

A) True 
 B)False

Exam 2: Thinking Like an Economist

In the circular-flow diagram,one loop represents the flow of goods and services,and the other loop represents the flow of factors of production.

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 2-3 -Refer to Figure 2-3.Unemployment could cause this economy to produce at which point(s) ?

Correct Answer
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"Allowing all individuals access to Medicare and Medicaid for health insurance is the fair thing to do" is an example of a

Correct Answer
verified

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is

Correct Answer
verified

Any point on a country's production possibilities frontier represents a combination of two goods that an economy

Correct Answer
verified

Two variables that have a negative correlation move in opposite directions.

Correct Answer
verified

The scientific method is applicable to studying

Correct Answer
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An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Correct Answer
verified

Figure 2-13 -Refer to Figure 2-13.Cups of coffee per day and the hours that someone can go without sleep appear to have

Correct Answer
verified

Exam 2: Thinking Like an Economist

In the circular-flow diagram,one loop represents the flow of goods and services,and the other loop represents the flow of factors of production.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Figure 2-3 -Refer to Figure 2-3.Unemployment could cause this economy to produce at which point(s) ?

Correct AnswerverifiedShow Answer

"Allowing all individuals access to Medicare and Medicaid for health insurance is the fair thing to do" is an example of a

Correct AnswerverifiedShow Answer

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is

Correct AnswerverifiedShow Answer

Any point on a country's production possibilities frontier represents a combination of two goods that an economy

Correct AnswerverifiedShow Answer

Two variables that have a negative correlation move in opposite directions.

Correct AnswerverifiedShow Answer

The scientific method is applicable to studying

Correct AnswerverifiedShow Answer

An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Correct AnswerverifiedShow Answer

Figure 2-13 -Refer to Figure 2-13.Cups of coffee per day and the hours that someone can go without sleep appear to have

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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