FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: What Is Economics

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Multiple Choice

Review LaterAdd Note

Review Later

Figure 1-2 -Identify the slope of the two curves A and B in Figure 1-2.

A) A - zero,B - one.
B) A - one,B - zero.
C) A - one,B - different at different points.
D) A - different at different points,B - zero.

Correct Answer

verified

Show Answer

Question 82

Multiple Choice

Review LaterAdd Note

Review Later

The opportunity cost to you of an action is

A) how much you must pay for the opportunity to take the action.
B) the value to you of the next best action you could have taken.
C) the cost to society of giving you the opportunity to take the action.
D) the dollar cost to you of the action.

Correct Answer

verified

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

Economic analysis and policy are made more difficult by

The United States produces both automobiles and computers more efficiently than Mexico.Nevertheless,it is possible that both nations would benefit from trade in these items.The reason for this is

In 1980,in order to stimulate agricultural production,Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made.Some farmers were earning $50,000 per year,compared with the average worker income of $2,400.The workers resented this.Castro denounced the farmers as "capitalist gangsters" and closed the free markets.Cuban cash income declined five percent and fresh vegetables were in short supply.This illustrates the economic concept of the

It is possible to represent three dimensions on a two-dimensional graph by using

One of the consequences of preventing wages from falling in the European Union has been growing unemployment.

Rent control is usually justified on the grounds that it protects moderate- to low-income families from the burden of rapidly rising rents and from eviction if they are unable to pay.It also prevents landlords from reaping windfalls as property values rise.Opponents note that rent controls usually lead to a reduced supply of rental housing and shortages.The proponents of rent controls support them primarily on the grounds of

The 1981 tax reform act reduced taxes on high-income individuals.Many economists believed that high tax rates would deter high-income individuals from working and investing,thus slowing the growth of income.This illustrates the issue of

A diagram is a good example of a(n)

Unemployment and inflation are important determinants of short-run material welfare,whereas productivity growth is an important determinant of long-run material well-being.

Individuals will have different value judgments about the appropriate rate of unemployment and the appropriate rate of inflation.

The marginal cost of an airline ticket is the total cost of flying the plane divided by the number of passengers.

Slope is measured as rise/run.

What is the appropriate degree of abstraction?

Some college students think that because a college degree greatly increases their earning potential there is no opportunity cost of attending college.How would an economist look at the matter?

It has been found that people die at a much higher rate in hospitals than in most other environments,leading some to conclude that hospitals cause death.What is the problem with this reasoning?

The word "theory" means the same to the scientist as it does to the man on the street.

The United States has been willing to trade off greater efficiency for greater wage equality.

Economic models