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Chapter 2 Thinking Like an Economist
MULTIPLE CHOICE
Figure 2-1
A12B
1. Refer to Figure 2-1. Which shape refers to the markets for goods and services?
a. oval A b. oval B
c. rectangle 1 d. rectangle 2
a
2. Refer to Figure 2-1. What is flowing from rectangle 1 to oval A? b
a. revenue
b. goods and services sold c. factors of production d. labor, land, and capital
3. Refer to Figure 2-1. Which of the following is an activity undertaken by the actors in
rectangle 2? c
a. produce and sell goods and services b. hire and use factors of production c. own and sell factors of production
d. exchange goods and services between firms and households
Figure 2-2
.
.
10987654321204060E80100120140160180corn135carsABCGDF
Consider the production possibilities curve for a country that can produce cars, corn (in bushels), or a combination of the two.
4. Refer to Figure 2-2. If this economy devotes all of its available resources to producing
corn, then it will produce d a. 0 bushels of corn and 10 cars. b. 135 bushels of corn and 3 cars c. 160 bushels of corn and 10 cars. d. 160 bushels of corn and 0 cars.
5. Refer to Figure 2-2. Which combination of points show production possibilities only
achievable with improvements in technology or increases in resources? d a. A, D, and E b. B and G c. C and F
d. None of the above is correct.
6. Refer to Figure 2-2. If this society moves from point D to point E, d
a. it gives up 25 bushels of corn to get 3 cars. b. it gives up 135 bushels of corn to get 3 cars. c. it gives up 3 cars to get 135 bushels of corn. d. it gives up 3 cars to get 25 bushels of corn.
7. Refer to Figure 2-2. If this society is producing at point C, d
a. there is unemployment. b. production is efficient.
c. growth can only be achieved through an advancement in technology.
d. the opportunity cost of producing one more car is approximately 10 bushels of
corn.
8. Which of the following is a positive, as opposed to a normative, statement? b
a. The US Department of Justice should allow a merger between AT&T and T-Mobile
because it would have little effect on consumers.
b. Antitrust laws should be used to prevent further concentration in the wireless
.
.
telephone service market.
c. The US Department of Justice sued AT&T to block its merger with T-Mobile. d. The wireless telephone service market is too highly concentrated.
9. Which of the following famous people did not major in economics in college? b
a. Donald Trump b. Natalie Portman c. John Elway d. Mick Jagger
10. Which of the following statements is correct about environmental economists? d
a. They view economics as a framework for natural resource allocation.
b. They work at government agencies as well as universities and advocacy groups. c. They use economic arguments and systems to persuade companies to clean up
pollution and conserve natural resources. d. All of the above are correct.
11. In the ordered pair (20, 100), 20 is the a
a. x-coordinate. b. y-coordinate. c. scatterplot. d. slope.
12. Between the two ordered pairs (20, 100) and (30, 80), the slope is b
a. 1/2. b. -1/2. c. 2. d. -2.
Figure 2-4
snowstorms10987654321102030405060708090snowblowers sold
13. Refer to Figure 2-4. According to the graph, snowstorms a
a. and snowblowers sold are positively correlated.
.
. b. and snowblowers sold are negatively correlated c. and snowblowers sold are uncorrelated.
d. are caused by more snowblowers being sold.
14. Refer to Figure 2-4. Your friend John created the graph above to illustrate that
snowstorms are caused by more snowblowers being sold. You inform him that his interpretation is incorrect due to a a. omitted variable bias. b. reverse causality. c. slope mismatch.
d. shifting versus moving along a curve.
15. Refer to Figure 2-4. Which of the following could be an omitted variable in the graph? d
a. the price of snowblowers
b. a change in consumers’ incomes c. a change in the seasons
d. All of the above are correct.
PROBLEM
Figure 2-1
A12B
1. Refer to Figure 2-1. What is the name of the model depicted in the figure?
The Circular Flow
2. Refer to Figure 2-1. What do the ovals represent in the figure?
A: Markets for goods and service B: Markets for factors of production
.
.
3. Refer to Figure 2-1. What do the rectangles represent in the figure?
1:Firms 2:Households
4. Refer to Figure 2-1. What do the outer arrows represent in the figure?
A to 1:revenue 1 toB :wages,rent, and profit B to 2 income 2 to A :spending
5. Refer to Figure 2-1. What do the inner arrows represent in the figure?
A to 2:goods and services bought 2 to B:Labor,land,and capital B to1:Factors of production 1 to A: goods and services sold
6. Refer to Figure 2-1. What does the arrow going from oval A to rectangle 2 represent in the
figure?
A to 2:goods and services bough
7. Refer to Figure 2-1. What does the arrow going from oval B to rectangle 2 represent in the
figure?
B to 2 income
8. Refer to Figure 2-1. What are two elements not included in this figure that could be
included in a more complex model?
9. The three main factors of production, or categories of inputs, used by firms to produce goods
and services are
Figure 2-2
10987654321carsABCGDF204060E80100120140160180corn135
Consider the production possibilities curve for a country that can produce cars, corn (in bushels), or a combination of the two.
10. Refer to Figure 2-2. The bowed outward shape of the production possibilities curve
indicates that opportunity cost of corn in terms of cars is
11. Refer to Figure 2-2. Which point(s) on the graph is(are) efficient production possibilities?
.
经济学原理曼昆Chapter
