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The opportunity cost of something is what you give up to get it.

A) True
B) False

Correct Answer

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When two variables move in opposite directions,the curve relating them is upward sloping,and we say the variables are positively related.

A) True
B) False

Correct Answer

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Historical episodes are not valuable to economists.

A) True
B) False

Correct Answer

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Unemployment causes production levels to be inefficient.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.If this economy uses all its resources in the dishwasher industry,it produces 35 dishwashers and no doghouses. -Refer to Figure 2-14.If this economy uses all its resources in the dishwasher industry,it produces 35 dishwashers and no doghouses.

A) True
B) False

Correct Answer

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Since economists cannot use natural experiments offered by history,they must use carefully constructed laboratory experiments instead.

A) True
B) False

Correct Answer

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.This economy fully employs its resources when it produces 35 dishwashers and zero doghouses. -Refer to Figure 2-14.This economy fully employs its resources when it produces 35 dishwashers and zero doghouses.

A) True
B) False

Correct Answer

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The duties of the Council of Economic Advisers are to advise the president of the United States and to determine U.S.monetary policy.

A) True
B) False

Correct Answer

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Good assumptions simplify a problem without substantially affecting the answer.

A) True
B) False

Correct Answer

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In the circular-flow diagram,households and firms are the decision makers.

A) True
B) False

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.

A) True
B) False

Correct Answer

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"Minimum wage laws result in unemployment" is a normative statement,while "the minimum wage should be higher" is a positive statement.

A) True
B) False

Correct Answer

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In the ordered pair (10,30),10 is the y-coordinate and 30 is the z-coordinate.

A) True
B) False

Correct Answer

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Deciding that A causes B when in fact B causes A is a mistake called omitted variable bias.

A) True
B) False

Correct Answer

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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.

A) True
B) False

Correct Answer

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In the circular-flow diagram,firms produce goods and services using the factors of production.

A) True
B) False

Correct Answer

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Economists at the U.S.Department of Justice help enforce the nation's antitrust laws.

A) True
B) False

Correct Answer

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Economists use one standard set of assumptions to answer all economic questions.

A) True
B) False

Correct Answer

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Macroeconomics is the study of economy-wide phenomena.

A) True
B) False

Correct Answer

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Points inside the production possibilities frontier represent feasible levels of production.

A) True
B) False

Correct Answer

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Showing 41 - 60 of 136

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