Ch 2 Thinking Like an Economist
True/Fal
Indicate whether the statement is true or fal.
Figure 2-14
153********
10
15
20
25
30
35
40
45
____
1. Refer to Figure 2-14. It is possible for this economy to produce 30 doghous and 20 dishwashers. ____
2. Points inside the production possibilities frontier reprent feasible levels of production. ____
3. A production possibilities frontier will be bowed outward if some of the economy’s resources are better suited to producing one good than another. ____
4. While the production possibilities frontier is a uful model, it cannot be ud to illustrate economic growth. ____
5. When a variable that is not named on either axis of a graph changes, we read the change as a movement along
the curve.
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 6. Economists, like mathematicians, physicists, and biologists,
a. make u of the scientific method.
b. try to address their subject with a scientist’s objectivity.
c. devi theories, collect data, and then analyze the data in an attempt to verify or refute
their theories. d. All of the above are correct.
____ 7. Economists face an obstacle that many other scientists do not face. What is that obstacle? a. It is often difficult to formulate theories in economics.
b. It is often difficult and sometimes impossible to perform experiments in economics.
c. Economics cannot be addresd objectively; it must be addresd subjectively.
d. The scientific method cannot be applied to the study of economics.
____ 8. In conducting their rearch, economists face an obstacle that not all scientists face; specifically, in economics, it is often difficult and sometimes impossible to
a. make u of theory and obrvation.
b. rely upon the scientific method.
c. conduct laboratory experiments.
d. find articles or books that were written before 1900.
____ 9. Which of the following statements is (are) correct?
a. Relative to other scientists, economists find it more difficult to generate uful data.甲胎蛋白参考值
b. Theory and obrvation are important in economics as well as in other sciences.
c. To obtain data, economists often rely upon the natural experiments offered by history.
d. All of the above are correct.
____ 10. Which of the following statements about models is correct?
a. The more details a model includes, the better the model.
b. Models assume away irrelevant details.
c. Models cannot be ud to explain how the economy functions.
d. Models cannot be ud to make predictions.
____ 11. Economic models are built with
a. recommendations concerning public policies.
b. facts about the legal system.
c. assumptions.
d. statistical forecasts.
____ 12. The circular-flow diagram is a
a. visual model of the economy.
b. visual model of the relationships among money, prices, and business.
c. model that shows the effects of government on the economy.
d. mathematical model of how the economy works.
____ 13. Factors of production are
a. the mathematical calculations firms make in determining their optimal production levels.
b. social and political conditions that affect production.
c. the physical relationships between economic inputs and outputs.
d. inputs into the production process.
____ 14. In the circular-flow diagram, in the markets for
a. goods and rvices, houholds and firms are both llers.
b. goods and rvices, houholds are buyers and firms are llers.
c. the factors of production, houholds are buyers and firms are llers.
d. the factors of production, houholds and firms are both buyers.
____ 15. In the circular-flow diagram, in the markets for
a. goods and rvices, houholds and firms are both llers.
b. goods and rvices, houholds are llers and firms are buyers.
c. the factors of production, houholds are llers and firms are buyers.
人的背影简笔画
d. the factors of production, houholds and firms are both buyers.
____ 16. Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?
a. a landowner leas land to a farmer
b. a farmer hires a teenager to help with harvest
c. a retired farmer lls his combine to a new farmer
d. a woman buys corn for dinner
____ 17. In the circular-flow diagram, which of the following items reprents a payment for a factor of production?
a. interest
b. capital
今生缘歌词
c. spending by houholds on goods
d. spending by houholds on rvices
Figure 2-2
____ 18. Refer to Figure 2-2.If Box A of this circular-flow diagram reprents firms, then which box reprents houholds?
a. Box B
b. Box C
c. Box D
d. Any one of the other boxes (B, C, or D) could reprent houholds.
____ 19. Which of the following is a correct statement about production possibilities frontiers?
a. An economy can produce only on the production possibilities frontier.
b. An economy can produce at any point inside or outside a production possibilities frontier.
c. An economy can produce at any point on or inside the production possibilities frontier, but
not outside the frontier.
d. An economy can produce at any point inside the production possibilities frontier, but not
on or outside the frontier.
____ 20. If an economy is producing efficiently, then
a. there is no way to produce more of one good without producing less of another good.
b. it is possible to produce more of both goods without increasing the quantities of inputs that
are being ud.
c. it is possible to produce more of one good without producing less of another goo
d.
d. it is not possible to produce more of any good at any cost.
____ 21. Which of the following trade-offs does the production possibilities frontier illustrate?
a. if an economy wants to increa efficiency in production, then it must sacrifice equality in
consumption
b. once an economy has reached the efficient points on its production possibilities frontier,
the only way of getting more of one good is to get less of the other
c. for an economy to consume more of one good, it must stop consuming the other good
entirely
d. for an economy to produce and consume goods, it must sacrifice environmental quality
____ 22. If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when
a. the economy is producing much of the first good and little of the cond good.
b. the economy is producing equal amounts of the first and cond goods.
c. the economy is producing little of the first good and much of the cond goo
d.
d. None of the above is correct becau the opportunity cost of producing more of the first
pcmcia
good is constant.
____ 23. Economists believe that production possibilities frontiers
a. never have a bowed shape.
防暴犬
b. rarely have a bowed shape.
c. often have a bowed shape.非洲牛箱头蛙
d. always have a bowed shap
e.
Table 2-2
Production Possibilities for Batterland
____ 24. Refer to Table 2-2. What is the opportunity cost to Batterland of increasing the production of pancakes from 150 to 300?
a. 75 waffles
b. 150 waffles
在上海买房需要什么条件c. 250 waffles
d. 325 waffles
Figure 2-3
____ 25. Refer to Figure 2-3. At which point is this economy producing its maximum possible quantity of tubas?
树舌a. J
b. L
c. M
d. N
____ 26. Refer to Figure 2-3. This economy cannot produce at which point(s)?
a. J
b. J, L
c. J, L, M
d. L
Figure 2-5
3060901201501802102402703003302550
75
100
125
150
175
200
225
____ 27. Refer to Figure 2-5. A movement from point C to point D could be caud by a. unemployment.
b. a decrea in society's preference for bananas.
c. fewer resources available for production of bananas.
d. All of the above are correct.
Figure 2-6
2468101214165
10
15
20
25
30
35
40
45
____ 28. Refer to Figure 2-6. This economy cannot produce at which point(s)?
a. A, B, D
b. C, D, F, G
c. C, F, G
d. D
Figure 2-8
Panel (a) Panel (b)
1234560.51
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
1234560.5
11.522.533.544.555.566.57
____ 29. Refer to Figure 2-8, Panel (a). In order to gain 2 donuts by moving from point L to point M, society must
sacrifice
a. efficiency.
b. employment.
c. 4 cups of coffee.
