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Exam 1: Exploring Economics

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Question 131

Multiple Choice

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Macroeconomics deals with all of the following,EXCEPT:

A) recession.
B) inflation.
C) job creation rates.
D) markets for semiconductor chips.

E) B) and C)
F) All of the above

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Question 132

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If two variables are correlated with one another,it is possible but not necessary that one variable causes the other.

A) True
B) False

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Question 133

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Use the following to answer questions Figure: Sales and Advertising -(Figure: Sales and Advertising)The graph shows the advertising expenditures and the resulting sales (in bottles)of a new caffeinated beverage called Jump.The slope for the equation graphed is 3,000.

Economics is a:

Microeconomics looks at how markets are structured.

Why is it important for students to study economics?

Tradeoffs occur because resources are scarce.

Heather has one employee in her sweater shop who can sew six sweaters a day.When she hires a second person,the two employees can make 10 sweaters together.As it relates to thinking at the margin,the extra benefit received from hiring a second worker is:

Economists point out that the quality of economic decisions depends on the quality of the information underlying those decisions.

The purpose of an economic model is to:

It is impossible to have a conflict between allocative efficiency and production efficiency.

At the start of the war in Iraq,homeowners in the United States found it difficult to find plywood.The U.S.military,at the same time,was constructing buildings in Iraq.How do the two situations reflect economic tradeoffs?

Explain the meaning of the phrase "People respond to incentives."

Marginal analysis exists when a person continues to make a decision until the value of the outcome is zero.

When economists say that all societies face scarcity,they are describing:

Changes in stock prices are correlated with the amount of rainfall.Therefore,rainy weather causes the stock market to fall.

_____ is the fairness of various issues and policies.

When the government chooses to use resources to build tourist centers,the chosen resources are no longer available to build highways.This BEST illustrates the concept of:

How do the concepts of scarcity and opportunity cost relate to each other?

When the individuals who get a good or service are the ones who desire that product the most,the economy is experiencing: